London. Gold prices surged to record levels above $5,100 on Monday, January 26, 2026, as investors sought a haven amid escalating international political tensions, and silver and platinum also reached all-time highs.
Spot gold was up 2 percent at $5,077.22 an ounce by 1:31 p.m. ET (1831 GMT) after hitting a record $5,110.50.
US gold futures for February delivery settled 2.1 percent higher at $5,082.50.
“Gold prices continue to be supported by elevated geopolitical and economic uncertainty. Central banks remain strong buyers as they diversify foreign exchange reserves and reduce reliance on the US dollar,” said Ryan McIntyre, president at Sprott Inc.
“In addition, investor inflows into physically backed exchange‑traded funds have resumed, with holdings up approximately 20 percent year over year,” McIntyre added.
Gold vs US dollar
In the latest geopolitical flare‑up, US President Donald Trump said on Saturday he would impose a 100 percent tariff on Canada if it follows through on a trade deal with China.
For precious metals this year, the major drivers are going to be “Trump and Trump,” said Adrian Ash, head of research at online marketplace BullionVault.
“A wave of new first-time investing is driving this move in precious metals. It’s led by private investors across Asia and Europe, rushing to build their personal holdings of gold and silver.”
The possibility that a coordinated currency intervention by US and Japanese authorities could be imminent was another focus of investor attention.
At the same time, this week’s Federal Reserve meeting, when the central bank is expected to hold rates steady, is overshadowed by a Trump administration criminal investigation of Fed chairman Jerome Powell.
Trump has placed pressure on Powell to lower interest rates.
That would support non-yielding gold, which has risen nearly 18 percent so far this year after gaining 64 percent in 2025.
Last year, gold breached major milestones, including $3,000/oz and $4,000/oz for the first time.
Analysts see room for further upside momentum. Societe Generale anticipate gold will reach $6,000/oz by year‑end, though they caution this may be a conservative estimate with scope for further gains.
Meanwhile, Morgan Stanley said the rally could continue, highlighting a bull‑case target of $5,700.
Spot silver scaled a new record high of $117.69 an ounce and was last up 10.2 percent at $113.46.
Prices broke the $100 mark on Friday as retail investor and momentum-driven buying added to tightness in physical markets for the precious and industrial metals.
“Momentum is strong, with Chinese silver prices at a notable premium to London prices, indicating further gains in the short term are possible. However, such high prices should reduce industrial demand,” said UBS analyst Giovanni Staunovo.
Spot platinum rose by 1.8 percent to $2,816.38 an ounce after touching a record $2,918.80, while spot palladium climbed by 5.9 percent to $2,127.68, the highest levels since 2022. (Reuters)
