NYSE:GOLD 12 January 2026 - 7 May 2026

Gold broke through $5,300 for the first time on Wednesday as the dollar slid to near four-year lows after President Donald Trump called its value “great” and said he would soon name his pick to head the Federal Reserve. Spot gold rose 2.3% to $5,305.65 an ounce by 0832 GMT, after a record $5,311.31; U.S. February futures climbed 4.3% to $5,301.90. OANDA’s Kelvin Wong pointed to a “very strong” inverse link to the dollar, while Tastylive’s Ilya Spivak said markets were “getting defensive” ahead of Chair Jerome Powell, with the Fed expected to hold rates steady.

Gold briefly soared past $5,100 an ounce on Monday, hitting a record high before pulling back. Spot gold climbed 1.42% to $5,053.37 after reaching $5,110.50. The dollar weakened ahead of the Federal Reserve’s expected decision to hold rates steady, as indicated by CME’s FedWatch tool. The dollar index dropped 0.22% to 97.01, and the yen gained ground as the dollar slid 1.05% to 154.09 yen. Meanwhile, the 10-year Treasury yield fell to 4.215%. Societe Generale analysts now forecast gold hitting $6,000 by year-end.