SYDNEY, January 26, 2026, 21:01 AEDT
- Gold surged past $5,100 an ounce, setting a new record as investors flocked to safe-haven assets
- Analysts predict prices will climb in 2026, mostly ranging between $5,500 and $6,400
- Silver, platinum and palladium pushed even higher, hitting fresh peaks amid strong rallies
Gold blasted past the $5,000-an-ounce threshold on Monday, hitting a high of $5,110.50 before pulling back. The precious metal’s sharp rally reflects investors and central banks scrambling for safety amid geopolitical tensions and turbulence in U.S. markets. 1
This shift is significant — it’s no longer a steady climb. Gold’s surge is pulling other precious metals along, pushing dealers and jewellers to adjust prices on their stock nearly every day.
In Australia, the local gold price hit about A$7,300 an ounce, shifting the global headline into something tangible for everyday buyers. Some are still lining up for bars, while others are showing up to sell off old jewellery.
Gold’s rally comes after an eye-popping 64% jump in 2025, fueled by U.S. monetary easing, relentless central bank buying—including China snapping up gold for the 14th straight month in December—and record inflows into ETFs tracking the metal. Philip Newman, Metals Focus director, says the price could climb as high as $5,500 this year. 2
Ole Hansen, head of commodity strategy at Saxo Bank, pointed to uncertainty over U.S. policy as a major factor. He also highlighted momentum buying, which often triggers “fear of missing out” once prices cross key round-number levels.
Investors were rattled by new geopolitical tensions, including disputes involving Greenland and ongoing conflict in Ukraine. Talks brokered by the U.S. in Abu Dhabi collapsed without an agreement, according to ABC News. The report also highlighted U.S. President Donald Trump’s warning of a 100% tariff on Canada if it sealed a trade deal with China.
Independent analyst Ross Norman predicts gold could surge to $6,400 an ounce this year, averaging around $5,375, as risk appetite remains weak and demand stays steady.
The rush isn’t limited to gold. Spot silver climbed to about $110 an ounce on Monday. Platinum and palladium surged to fresh highs, driven by strong investor appetite and a widespread view of scarce physical availability.
Some strategists are dusting off older parallels. Steve Miller, investment strategy adviser at GSFM, compared the gold surge to the turmoil during the late-1970s oil shocks, suggesting the rally is a hedge against political and market shocks. 3
Small retailers are feeling the pressure from the recent surge. Larna Cooper of Sydney’s Juju Gems Jewellery described the ongoing need to adjust prices as “really hard,” with the extra workload piling up as they race to keep price hikes gradual. 4
Charts tracking the run reveal just how quickly sentiment has flipped, with gold surging sharply since early 2025 as it smashed one record after another. 5
There’s a catch. Bulls themselves expect sharp pullbacks as traders lock in profits. Several analysts warn that any new surges in stress could trigger sudden, brutal sell-offs—those harsh corrections that punish latecomers and cool demand in jewellery-heavy markets.
