New York, Jan 26, 2026, 06:00 (EST) — Premarket
- Spot gold surged to a record $5,110.50 per ounce, then hovered close to $5,094 as the dollar remained weak
- Traders pointed to new tariff news and escalating geopolitical tensions as funds continued shifting into bullion
- Gold miners like Newmont and Barrick gained in premarket trading, boosted by rising bullion prices that improve their profit margins
Gold prices surged past $5,100 an ounce on Monday, reaching a new high as investors flocked to bullion and precious metals for safety. Spot gold (XAU/USD) climbed 2.2% to $5,093.96 by 0841 GMT, after briefly hitting $5,110.50. U.S. February gold futures also rose 2.2%, settling at $5,090.40. Silver jumped to a record $110.06, while platinum touched a fresh peak of $2,897.35.
This move is notable against a backdrop of a massive rally: gold has surged roughly 18% this year, following a 64% leap in 2025—the largest annual rise since 1979. Analysts attribute the boost to central bank purchases and heavy ETF inflows—these funds track gold prices and trade like stocks—as investors seek shelter from policy turmoil. Kyle Rodda, senior market analyst at Capital.com, described it as a “crisis of confidence in the U.S. administration and U.S. assets” after President Donald Trump announced another round of tariff threats. Reuters
Currency markets stirred things up. The dollar weakened as the yen gained ground amid intervention rumors, while investors cut back on long dollar bets before the Federal Reserve meets this week. That drop made dollar-priced gold more affordable for buyers using other currencies. “Gold … has a quite compelling story, in terms of central bank reserve diversification,” noted Chris Scicluna, an economist at Daiwa Capital Markets. Reuters
Gold-linked stocks surged alongside the metal. Newmont jumped 4.4% in premarket action, while U.S.-listed Barrick Mining climbed 3.8%. Other top miners also gained ground. Traders often view rising bullion prices as a boost to miners’ revenue and cash flow, which can fuel investments, dividends, or debt paydowns.
Big banks are revising their forecasts upward. Goldman Sachs bumped its December 2026 gold target to $5,400 from $4,900. Independent analyst Ross Norman sees a potential peak of $6,400 this year, with an average price around $5,375. “The only certainty at the moment seems to be uncertainty, and that’s playing very much into gold’s hands,” Norman noted. Reuters
Lower interest-rate expectations continue to support gold since it yields no interest. When investors anticipate rate cuts, the cost of holding bullion falls, often sparking a swift rise in demand.
However, this rally makes the market vulnerable to sudden pullbacks. A stronger dollar, a thaw in geopolitical tensions, or a shift away from the Fed’s dovish stance might spark profit-taking following the streak of record highs.
Traders remain alert to whether heated tariff talk will lead to actual policy moves, and if discussions of yen currency intervention spark wider dollar selling. Headlines like these have been shifting markets nearly as much as macroeconomic reports.
The Federal Reserve’s two-day meeting on Jan. 27-28 looms as the next major event, capped by a press conference on Jan. 28 at 2:30 p.m. in Washington. This will serve as a critical moment for rate expectations, especially with gold hitting record highs.
