Gold hits record above $4,700, eyes $4,800

Global gold prices surged to another record high on Tuesday (Jan 20, 2026), rising above US$4,700 an ounce and moving closer to the US$4,800 mark, as escalating geopolitical tensions drove demand for safe-haven assets. Silver also hit an all-time high, briefly breaking above US$95 an ounce.

Spot gold rose about 2% to US$4,757.33 an ounce as of 1.52pm US Eastern time (1852 GMT), after touching a fresh record high of US$4,765.93 earlier in the session. US gold futures for February delivery settled up 3.7% at US$4,765.80 an ounce.

“Gold prices have surged to levels never seen before as investors hedge against rising political risks,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. A weaker dollar is also providing additional support for precious metals, reinforcing gold’s rally at a time when confidence in US assets appears to be wavering.”

Wall Street’s main indices fell to their lowest levels in nearly three weeks on Tuesday, as investors were rattled by US President Donald Trump’s renewed tariff threats aimed at restricting imports from Europe, tied to his push to take control of Greenland.

The latest threats heightened tensions ahead of an expected meeting between Trump and global business leaders in Davos, Switzerland, on Wednesday.

The US dollar was on track for its biggest monthly drop in more than a month, making dollar-priced gold cheaper for overseas buyers.

Gold, viewed as a store of value during periods of economic and political uncertainty, jumped 64% in 2025 and has gained another 10% since the start of this year. The rally has also been supported by expectations of US interest-rate cuts, which reduce the opportunity cost of holding non-yielding bullion.

Markets are pricing in two US rate cuts of 0.25 percentage points from mid-2026. Attention intensified after US Treasury Secretary Scott Bessent said Trump could appoint a new Federal Reserve chair as early as next week.

“US$4,800 and US$4,900 are the next clear reference points, with the longer-term psychological target at US$5,000,” Razaqzada added.

Spot silver slipped 0.3% to US$94.38 an ounce after hitting a record high of US$95.87 earlier in the day. Silver surged about 147% in 2025 and is up more than 32% since the start of 2026.

Meanwhile, platinum rose 2.3% to US$2,429.60 an ounce, while palladium gained 1.1% to US$1,861.61.

Morning price update (Jan 21, 2026):

Bloomberg reported that spot gold edged down 0.1% to US$4,759.35 an ounce at 7.16am Singapore time, while spot silver fell 0.3% to US$94.3000 an ounce. Gold and silver remained near record highs, supported by safe-haven demand linked to the Greenland dispute between the US and Europe.

Trump, in Switzerland for the World Economic Forum, has shown no sign of backing away from his intention to buy the Arctic island. The prime minister’s office of the autonomous Danish territory urged the public to prepare for the possibility of a military incursion, while noting it was not a high-probability scenario.

The US has threatened tariffs on eight European countries opposing the plan to take over Greenland, deepening fears of a potentially damaging trade war. French President Emmanuel Macron criticised Trump’s trade stance, saying Europe must strengthen its strategic autonomy to avoid “subjugation and bloody politics”.

YLG: Gold may rebound towards $5,000; DCA accumulation advised

YLG said gold could rebound towards US$5,000 this year and recommended a “wait-and-accumulate” approach using dollar-cost averaging (DCA) for long-term holdings, with a core target range of US$4,900–US$5,000 an ounce.

Tipa Nawawattanasub, chief executive officer of YLG Bullion and Futures Co., Ltd., said that from the start of 2026 to Tuesday (Jan 20, 2026), global spot gold had surged past US$4,700 an ounce, up more than 9% from the year’s opening level of around US$4,321 an ounce. She said the speed of the rally over just 20 days was faster than expected, and noted that prices had repeatedly opened with a “gap” on Mondays, reflecting heightened tensions over the weekend.

For the Thai market, she said Thai gold bars (96.5%) had risen to a new record high of 69,300 baht per baht-weight since the start of the year, up almost 7%.

YLG cited three main drivers behind the sharp rise:

Trump’s Greenland push and US–EU trade-war risks

After Trump threatened import tariffs of 10–25% on eight European countries over opposition to the US “buying Greenland”, European leaders moved towards an emergency meeting, raising regional tensions and prompting investors to shift into safe-haven gold. Trump has said he prefers a diplomatic route, but has not ruled out the use of military force.

A weaker dollar and expectations of US rate cuts

The US dollar index (DXY) fell sharply as markets increasingly priced in more US rate cuts than the Federal Reserve’s “dot plot” had signalled. YLG also pointed to leadership changes at the Fed, including expectations that Jerome Powell’s term as chair ends in May. The firm added that markets were also considering the possibility of rate cuts to cushion the trade-war shock, as well as the risk of rising US bond yields if European holders sold US Treasuries should tensions escalate.

Central banks increasing gold reserves

YLG said many central banks—particularly in China and Russia—have continued to shift reserves away from the US dollar as part of “de-dollarisation”, buying gold to hedge political uncertainty. Strong central-bank demand has been another key driver.

YLG added that many major foreign financial institutions have set gold price targets at US$4,900–US$5,000 an ounce or higher, citing projections including: J.P. Morgan at US$5,055; Goldman Sachs at US$4,900; UBS at US$5,000–US$5,400; Bank of America at US$5,000; and Citi at US$5,000–US$6,000.

For investors, YLG recommended accumulating via DCA for long-term holdings, while adding opportunities through short-term trading. It flagged a key support level at US$4,660 an ounce, and near-term resistance at US$4,720–US$4,750. It maintained its view that gold could reach the US$4,900–US$5,000 target range this year.

YLG also promoted futures products as an option when prices are elevated, saying they typically require about 10% of the notional value and can potentially generate returns in both rising and falling markets. It said it has launched a promotion offering commission reductions of up to 80% for trading gold and equities on TFEX, with reduced commission rates including: SET50 Index Futures to 15 baht per contract (from 77.6 baht); Gold Online Futures to 40 baht per contract (from 178 baht); Block Trade to 0.07% (from 0.1%); and Currency Futures to 5 baht (from 10.10 baht).

Investors can open accounts online via an e-open account system, with identity verification through NDID at no cost, and deposit/withdraw services via the Streaming app, including real-time deposits and same-day withdrawals. YLG Futures said it also provides tools such as TFEX Combo (auto position and combination orders) and robot trading that can connect via the Settrade Open API, alongside 24-hour staff support.