New York, January 28, 2026, 10:28 (ET) — Regular session
- Spot gold hit a record $5,311.31 and was last up 1.4% at $5,259.78
- A softer dollar and a looming Fed decision kept safe-haven buying in play
- Gold-linked ETFs rose as volatility drove record trading in metals futures
Gold prices pushed through $5,300 an ounce on Wednesday and set a fresh peak, extending a sharp run for the safe-haven metal. Spot gold was up 1.4% at $5,259.78 by 9:13 a.m. ET, after touching a record $5,311.31, while U.S. February futures jumped 3.4% to $5,254.10.
The U.S. dollar index, a gauge against major peers, hovered near four-year lows, making dollar-priced bullion cheaper for overseas buyers, as traders waited on the Federal Reserve’s policy decision due at 2 p.m. ET. “The rally in the precious metals have kind of taken on a life of their own at this point,” said Peter Grant, vice president and senior metals strategist at Zaner Metals, adding gold looked overbought — stretched after a fast climb — even as dip-buying kept it bid. CNA
Gold had already jumped more than 3% on Tuesday, hitting $5,181.84, after cracking $5,000 for the first time on Monday. “Rallies normally end because the drivers … dissipate — and that’s just not the case,” said Michael Widmer, commodities strategist at Bank of America, as new tariff threats and a January 30 U.S. funding deadline fed a fresh dose of political risk; Deutsche Bank and Societe Generale have flagged $6,000 gold by year-end. Reuters
Volatility is also pushing activity into the derivatives market. CME Group said its metals complex hit a single-day record of 3,338,528 contracts on Jan. 26, with Micro Silver futures also notching record volume and open interest — the number of outstanding contracts. “Clients are turning to our markets to hedge and adjust precious metals exposure,” said Jin Hennig, managing director and global head of metals at CME Group. CME Group
In U.S.-listed products tied to bullion, SPDR Gold Shares (GLD) was at $484.66 versus a $476.10 prior close, while VanEck Gold Miners ETF (GDX) was up about 0.7% at $110.06.
Gold is treated as a safe haven — an asset investors buy when they worry about growth, policy or war — and it can benefit when rate expectations fall because it pays no income.
But the move has been steep, and that cuts both ways. A rebound in the dollar, or a Fed message that pushes back on rate-cut hopes, could trigger sharp pullbacks even if longer-term buyers stay interested.
Traders now look to Wednesday’s Fed decision and Powell’s remarks for the next jolt, then to Friday’s January 30 U.S. funding deadline for the next test of risk appetite.
