Gold’s blistering rally to start 2026 – surging past US$5,500 an ounce – has already eclipsed many full-year price targets, forcing analysts to upgrade their outlooks. AdvertisementThe precious metal’s current price still represents a historic gain of 28 per cent in the first four weeks of the year. Amid the rally, Hong Kong’s first gold exchange-traded fund, the Hang Seng Gold ETF, surged more than 9 per cent on its trading debut on Thursday. AdvertisementInvestors are piling into gold amid mounting concerns over US dollar assets, fuelled by policy uncertainty under President Donald Trump and fears regarding the Federal Reserve’s independence. The speed of the advance has made late-2025 forecasts obsolete and left strategists scrambling to react.