The global rise in gold prices is due to US actions, particularly the protectionist policies of President Donald Trump's administration: the introduction of tariffs on Chinese goods, pressure on global trade agreements, and the rhetoric of trade confrontation have significantly undermined confidence in the dollar as the main reserve currency. Investors, who traditionally chose the dollar to preserve assets, began to look for an alternative and found it in gold, said economist Oleh Penzin in a comment to UNN regarding the situation on the global investment market.
In August 2025, the price of gold reached a record 134,480 UAH per troy ounce. While just four years ago, this figure was approximately 70,000 UAH. This dynamic demonstrates not just an increase in the asset's value, but a change in the attitude towards it at a global level, the expert notes.
Gold is a form of asset preservation and, by and large, a "safe haven." If you look at the dynamics of gold prices, the biggest jump in prices for the precious metal occurred when Trump began to pursue his protectionist policy with the introduction of tariffs on goods from all over the world. So, the dollar, which investors preferred earlier, has now become less stable and reliable. Accordingly, more and more large financial players prefer gold
The trend of global reorientation has affected not only the private investment sector but also state financial institutions. Leading economies, including China, Southeast Asian countries, and India, have launched a targeted strategy to withdraw part of their foreign exchange reserves from the dollar and transfer them to euros and monetary gold. This has created a stable and strong demand for the precious metal, which is currently keeping the price dynamics at its peak and increasing it, Penzin adds.
The situation will remain uncertain until the US finally signs trade agreements with the countries they want to sanction. This particularly applies to China. The future of the world financial system, one way or another, depends on what the two largest economies in the world – China and the US – agree on. And then we can talk about what to expect for the dollar, what to expect for gold, what to expect for the euro
Oleh Penzin also emphasized that world banks adhere to a diversified strategy: they hold reserves in several currencies and metals. In addition to gold, assets from the platinum group are also in circulation. This confirms that global players are preparing for a new financial system architecture that will be less dependent on a single reserve asset.
However, in Ukraine, the situation with gold is different. With the beginning of the full-scale war, the National Bank of Ukraine effectively blocked the full circulation of monetary gold: operations are limited, jewelry workshops do not have access to the official market, and private investors cannot legally buy or sell gold bars. Moreover, in Ukraine, the difference between the buying and selling price of gold is not regulated. So, in essence, the investor is not protected from market fluctuations in any way.
Given this, Ukrainian investors should be careful with precious metals. Without a regulated monetary gold market and in the absence of transparency, such investments may prove to be complex and ineffective.
At the same time, global processes indicate that a currency transformation is taking place in the world, where gold is once again beginning to play "first fiddle".
Recall
Despite the increase in the value of monetary gold as a method of saving money, its popularity as a jewelry metal has significantly decreased. As noted in a comment for UNN by financial expert Olena Sosedka, this was most reflected in key markets – India and China.
Gold prices in the global market have become so high that it has reduced the popularity of buying gold jewelry. This was most reflected in such key markets as India and China, but the global decline in demand is felt all over the world. Due to the rising price, former fans of gold jewelry are increasingly preferring other precious metals. Instead, gold is more often considered as a way to preserve capital in conditions of economic instability and high inflation. And not as an everyday item
In addition, analysts at Goldman Sachs, one of the largest and most influential investment banks in the world, predict that if the dollar continues to fall, the value of gold will reach $3,700 per troy ounce by the end of 2025.