After an impressive five-year run, gold prices surged roughly 200% to reach a record high of US$5,589.38 on 28 January 2026. But with prices falling in recent months, many investors now have a nagging question: should they move money into stocks instead? Why Are Gold Prices Falling? Gold’s record high in January came at the height of the US–Iran conflict, when safe-haven demand was at its most intense. Gold vs. Stocks: They Serve Different RolesGold is a store of value.