Gold is looking shinier than ever this week. The precious metal smashed through the $5,000-per-ounce (around £3,700) mark on Monday, hitting a new high as investors scramble for safety amid rising global unease. It  comes after a barrage of global drama in the first few weeks of 2026, from US efforts to capture Venezuela’s President and escalating tensions in Iran, to a brief NATO row sparked by Donald Trump’s demands over Greenland. Some of these tensions have cooled, but geopolitical instability is still very present.

For those managing pension pots, the question now is whether gold deserves a place in the portfolio. After all, it has been crowned the king of safe-haven assets over the last decade, and the figures are quite astonishing. Calculations by AJ Bell show £10,000 invested in gold 10 years ago would be worth £43,198 today, having risen over 50% in 2025. After factoring in inflation, that £10,000 investment would still be worth £30,904.

Cash returns, on the other hand, are significantly lower. The calculations showed that £10,000 invested in cash 10 years ago would now only be worth £8,325 after inflation. Markets tend to respond to uncertainty by running for cover. Gold, long seen as a hedge against inflation and currency swings, is one of the biggest beneficiaries.

But before anyone starts rushing to invest, there are a few things to consider. Gold doesn’t pay interest or dividends; its returns depend entirely on price movements, which can reverse as quickly as they rise.

Mike Ambery, retirement savings director at Standard Life, put it well when he said gold can have a place “alongside long‑term growth assets like equities,” but it should usually play a supporting role, not a starring one.

Mr Ambery said: “What really matters is how gold fits into your wider retirement plan. For most people, it’s about balance and moderation rather than making big changes based on recent performance.”

If you are considering adding gold to a pension, there are two main routes. You could opt for physical gold, which can be held within a Self-Invested Pension Portfolio (SIPP), though storage rules can add cost and complexity.

Alternatively, you could opt for gold ETCs (Exchange Traded Commodities), which are funds that track gold prices. This means you don’t have to handle any gold yourself. But before you do anything, check if your pension allows you to invest in gold, as not every scheme does. Secondly, be aware of the costs, from vaulting fees or ongoing charges, as these can cut into returns over time. Speak with a financial advisor before making any moves.

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DEAL OF THE WEEK

If you join the John Lewis rewards scheme for free and download the app, you can nab one free cake and hot drink in all stores apart from Canary Wharf, Horsham and Ipswich. Rewards are updated every month, so make sure to check the app regularly.

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A staggering six in 10 households are paying the maximum amount their energy providers can charge for gas and electricity – by choice. When you translate the price some Brits are paying for the pleasure of this, it becomes even more concerning.

According to Moneysupermarket, around 10% of customers who switched using its platform knocked an average of £865 per year off their energy bills, as of December 2025. That is an enormous saving.

Those paying the maximum amount are customers who are still on their providers’ Standard Variable Rate (SVR) tariff. These tariffs track the price cap, and at present, they typically cost people hundreds of pounds more than the top fixed rate tariffs.

With wintry Met Office warnings and the “Beast from the East” set to rear its head early next week, now is the time to check if you can swap tariffs.

Log in to your energy account and check if you’re locked into a deal. If you are, check the terms to see if there are any charges for leaving early. Next, work out if it will be better for you in the long run to ditch and switch.

If you’re on an SVR tariff, you can leave without paying exit fees. Experts at TotallyMoney say switching suppliers takes just five working days, and if the new supplier doesn’t complete the switch within that timeframe, you’ll be entitled to £40 in compensation, payable within 10 days.