2025 has been a turbulent year for both the global and local economies. The fluctuation of the gold price is one of the most reliable indicators, and while it doesn't explain everything, it allows us to understand, in broad strokes, what has happened this year. To begin with, gold has appreciated by 72% in just one year, rising from $2,590 per ounce in January to approximately $4,500 in December 2025. This is a historic record for the price of gold, unprecedented since records began in 1970. This stratospheric performance reflects one clear fact: it has been a year of great economic and geopolitical uncertainty. Gold is considered a safe haven asset, so in times of instability, investors seek refuge in this active insurance. Let's break it down: what has happened this year?

The Federal Reserve (Fed, the United States central bank) is once again defying Donald Trump and keeping interest rates unchanged at 4.25% and 4.5%, despite pressure from the US president, who has threatened to demand a cut since taking office. The central bank has also updated its projections for the country's economy, now predicting only a 0.5 percentage point cut in interest rates by the end of the year, through two 0.25 percentage point cuts, the dates for which have yet to be set. The decision is justified by a forecast for the United States of lower economic growth, higher unemployment and higher inflation for the remainder of 2025.