Gold and silver's upward run has reignited, with bullion topping $4,600 an ounce for the first time and big brokerages predicting $5,000 as a range of factors intensify, boosting the metal's safe-haven cachet.

Gold is a shiny yellow metal that sells for a whopping $4,400 per ounce, but it isn't very useful, with very few industrial applications outside the jewelry industry. Instead, most of gold's demand comes from investors who buy it because of its status as one of history's oldest stores of value, which dates back thousands of years.

Gold prices are hovering near record highs. Here's what your investment dollars can actually buy in today's market.

Gold climbed on Wednesday to near a record ‌peak set in the previous session, while silver surpassed the never-before-seen $90 mark, as softer-than-expected U.S. inflation readings cemented bets on interest rate cuts ahead amid ongoing geopolitical uncertainty.

With some bulls calling for $5,000 gold, companies that produce the yellow metal the best are in a great position.

2. Gold as a hedge against expected inflation: Some gold investors argue that, instead of responding to changes in the actual inflation rate, which we know only after the fact, gold responds to changes in expected future inflation.

The spot price is just the starting point when buying gold. Numerous other factors can have an impact on the cost.

Bullion rose to just shy of $4,600 an ounce on Monday after Fed Chair Jerome Powell said the central bank had been served grand jury subpoenas from the Justice Department related to his June congressional testimony on renovations of the Fed’s headquarters.

Tokenized gold is rapidly expanding in market capitalization as bullion prices hit all-time highs and investors seek digital representations of the metal.

After one of the most explosive rallies in modern market history, few investors expect gold to pull off a repeat in 2026. But many top money managers are still betting on further gains, arguing that the forces that propelled bullion to a record remain in place.

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Both gold and silver can help you maintain a diversified portfolio, and both have seen impressive gains recently.