Singapore, Jan 26, 2026, 10:03 (SGT)
- During Asian trading, gold surpassed $5,000 an ounce for the first time ever, hitting a new record.
- Analysts forecast more gains this year but cautioned that choppy pullbacks could occur.
- Silver stayed perched above $100 an ounce as the broader precious-metals surge kept its momentum.
In Asian trading Monday, gold prices shot past $5,000 an ounce for the first time ever, hitting a fresh record. Investors rushed into the metal, seeking shelter in a classic safe haven amid market turmoil.
The round-number break matters because it’s not just gold shifting. It signals money is fleeing sovereign bonds and major currencies as politics start bleeding into markets.
This rally has been brewing for months. Gold surged 64% in 2025 and has climbed over 16% year to date, boosted by U.S. monetary easing, strong central-bank purchases, and record inflows into exchange-traded funds (ETFs) — investment vehicles that trade like stocks and mirror bullion prices.
Spot gold climbed 0.85% to $5,024.95 an ounce by 2341 GMT. U.S. gold futures for February delivery followed, up 0.91% at $5,024.60. “We expect further upside,” said Philip Newman, director at Metals Focus, predicting a peak near $5,500 later this year. Independent analyst Ross Norman sees a 2026 high of $6,400 and an average price of $5,375. 1
Gold’s recent surge has mirrored a turbulent geopolitical landscape. Tensions reignited between the United States and NATO over Greenland. Meanwhile, Ukraine and Russia wrapped up a second day of U.S.-mediated talks in Abu Dhabi on Saturday with no agreement. On top of that, Trump threatened a 100% tariff on Canada if it moves forward with a trade deal involving China.
A weaker dollar gave gold a boost last week, with the Bloomberg Dollar Spot Index falling 1.6%, marking its biggest drop since May. Bloomberg called it a “debasement trade,” as investors pull back from currencies and Treasuries. All eyes are on Trump’s pick for the next Federal Reserve chair — a dovish choice, more inclined to cut rates, tends to push gold higher since it doesn’t pay interest. “Gold is the inverse of confidence,” said Max Belmont, portfolio manager at First Eagle Investment Management. 2
The rally’s been sharp, and chatter about profit-taking is already heating up. A dip in tensions or a dollar bounce could slam the brakes on demand fast, while rising interest rates weigh on bullion’s allure.
Gold’s gains pushed other precious metals higher. Spot silver climbed 1.72% to $104.72 an ounce. Platinum hovered around $2,767, and palladium held near $2,013.
Silver surged past $100 on Friday, marking a milestone after soaring 147% in 2025. Retail demand and a strained physical supply continued to tighten the market.
The currency markets have been volatile, with the yen’s sharp moves on Friday fueling speculation about intervention after reports that the New York Fed ran “rate checks” — a way to gauge market levels ahead of potential action. Japan’s Prime Minister Sanae Takaichi warned Sunday that her government would step in against speculative trading. Charu Chanana from Saxo suggested this warning might “reset positioning” around the 159–160 range. Investors are also eyeing the Federal Reserve’s policy meeting later this week. 3
More Ukraine talks are set for next weekend, while investors keep an eye on Trump’s upcoming decisions regarding trade and Fed appointments. For now, $5,000 has emerged as the key benchmark for gold prices.
