Romanians, in third place in Europe in terms of gold holdings. At the BNR, the quotation once again exceeded 700 lei per gram

Gold has been in the spotlight recently, experiencing massive price swings after hitting new all-time highs amid geopolitical instability and uncertainty brought to the global economy by the Trump administration's tariffs.

Romanians are increasingly attracted to gold investments

The price of gold in US dollar terms has risen 15% this year, even as it has fallen from a high of $5,600 an ounce, trading around $5,000 an ounce on Friday. Over the past 12 months, the yellow metal has gained nearly 68%, becoming the best-performing asset in many investors' portfolios. For this year, most analysts and investors are optimistic that gold prices will continue to rise.

Such price fluctuations of the precious metal were also recorded in Romania, with the BNR posting a quote of 700.9567 lei on Friday, from 693.2599 lei, in the previous meeting on Thursday. However, the historical record was recorded on January 29, 2026, when it reached the maximum value of 755.1450 lei.

According to the latest eToro Retail Investor Beat survey, 61% of Romanian individual investors expect the price of gold to increase in the next 6-12 months, compared to 15% who anticipate decreases. Analysts agree, forecasting averages above $5,000 by the end of 2026 amid political risks, fiscal pressures, geopolitical tensions and investors diversifying into real assets and away from the US dollar, even after volatility in February pulled prices from record highs. JP Morgan forecasts $6,300 an ounce by the end of the year, rising to $8,000 if allocations rise, while Goldman Sachs targets $5,400 (up from $4,900) by December. UBS predicts $6,200 (up $7,200) and Morgan Stanley predicts a $5,700 increase in the second half of the year. Société Générale is also targeting $6,000/ounce, warning that its forecast could prove conservative. Deutsche Bank said gold could climb to $6,000 an ounce by the end of the year.

The value of gold held by investors and banks has reached 11 trillion dollars

On the other hand, a recent report by the World Gold Council estimates that physical gold holdings by investors and central banks are worth about $10.9 trillion, with an additional $1.5 trillion in open positions through derivatives traded on exchanges or over-the-counter (OTC). “This means that the gold market is large, global and highly liquid”eToro analyst Bogdan Maioreanu explained.

According to the eToro survey, 53% of Romanian investors have gold in their portfolios, up 2 percentage points from 51% six months ago. 22% of Romanian individual investors started investing in gold in the last year, 9% entered in the last three months and 13% between four and eleven months ago. Long-term holders ensure stability in the markets: 12% started 1-2 years ago, 9% have held for 3-5 years (possibly after the start of the war in Ukraine) and another 9% for more than five years. This mix of new and veteran entrants underscores a sustainable trend amid gold's rise from $2,670 a year ago to nearly $5,000 in early 2026.

At the same time, 45% of Romanian individual investors do not currently own gold, representing a large group of potential future buyers, eToro's analysis also shows. Among those who do not own gold, 42% plan to buy gold in the future, nearly 11% in the next 12 months and 32% in the next five years. Only 16% of individual Romanian investors show no interest in adding gold to their portfolio.

Romanians, on the 3rd place in Europe in gold holdings

Regarding the percentage of investors who hold gold in their portfolios, Romanians are in 3rd place among the 12 nations present in the survey. The most enthusiastic about holding gold are Polish investors (61%), followed by Germans (58%) and Romanians (53%), American and Spanish (50%), Czech (49%), Dutch (48%), British and Italian (46%), Singaporean (45%) and French and Australian (43%) investors. Only 30% of Danish investors said they hold gold in their investment portfolios.

“Gold's remarkable rally over the past year—fueled by geopolitical tensions, Trump-era tariffs and the flight to safe-haven assets—continues to position it as a standout performer. Romanian investors are reflecting global optimism with a sustainable mix of new entrants and veterans, expecting price increases this year. Buoyed by bullish bank forecasts and a colossal market, gold's appeal as a hedge against uncertainty remains robust“said analyst Bogdan Maioreanu.