At the start of October, gold cost more than $4,000 for one ounce. Some experts think the price could reach $5,000 next year.
Gold is called a safe haven because it often keeps its value when other investments fall.
People are nervous about many things: high U.S. debt, possible new tariffs, and growing tension with China.
When times feel risky, investors, companies, and even central banks buy gold to protect themselves.
Mines add only a little new gold each year. So even a small change in demand can push the price up a lot.
Some analysts think the price will keep rising in the next few months.
Over many years, the U.S. dollar has been the main reserve currency. Now some countries worry the dollar is less safe, so they buy more gold.
China even lets its insurance companies hold gold as part of their emergency money.
Still, gold can also fall in price. History shows big jumps are often followed by flat or falling returns.