TSX:SII 26 January 2026 - 27 January 2026

Gold surged past $5,100 an ounce Monday, with silver hitting another record high as investors flocked to precious metals amid renewed trade concerns. Spot gold reached $5,110.50 before easing back, while spot silver climbed to $117.69, staying above $113 in New York afternoon trading. “Gold prices continue to be supported by elevated geopolitical and economic uncertainty,” said Ryan McIntyre, president of Sprott Inc. The timing of the burst is critical, coming just before this week’s Federal Reserve policy meeting and following renewed tariff threats from President Donald Trump against key allies, which has rattled markets. “It’s a crisis of confidence in the U.S. administration,” said Kyle Rodda, senior market analyst at Capital.com, who blamed erratic decision-making for driving investors into gold. Strong central bank buying and record inflows into gold-backed ETFs — funds that hold physical bullion — have also supported the rally. Metals Focus analyst Philip Newman predicts gold could hit around $5,500 an ounce this year.