Silver hits $100, gold nears $5,000 amid geopolitical turmoil

On January 23, 2026, Reuters reported that silver prices soared above $100 per ounce for the first time, while gold reached a new high near $5,000 per ounce. Investors have turned to precious metals as safe-haven assets amid ongoing geopolitical unrest and expectations that the US will cut interest rates.

Spot silver surged 5% to $100.94 per ounce as of 18:48 GMT in London. "Silver is likely to continue benefiting from factors that support investment demand for gold," said Philip Newman, Director at Metals Focus. "Additional support will come from ongoing concerns about tariffs and physical liquidity remaining low in the London market."

Silver prices have risen by more than 200% over the past year, driven by challenges in expanding silver production and continuing supply shortages in the market.

Gold Hits Near $5,000

Spot gold prices increased by 0.6%, reaching $4,964.81 per ounce, after briefly touching a new high of $4,988.17 earlier in the day. US gold futures for February delivery also saw a 1.4% rise, closing at $4,979.70.

"The role of gold as a safe-haven asset and risk diversifier during times of high economic and political uncertainty is making gold essential for strategic portfolio management. It's not just a temporary perfect storm, but a sign of a fundamental change in the era," said Tai Wong, an independent metal trader.

Since the beginning of 2026, conflicts between the US and NATO over Greenland, concerns over the US Federal Reserve's independence, and ongoing trade uncertainties have all contributed to rising demand for safe-haven assets.

Central bank purchases and the broader movement away from the dollar have also supported gold’s rise. Since gold offers no interest return, it has become especially popular during periods of low interest rates.

Gold prices surpassed key levels, such as $3,000 per ounce and $4,000 per ounce, for the first time last year in March and October, respectively, due to US interest rate cuts and global conflicts.

Commerzbank has stated in a report that it expects US interest rate cuts to accelerate towards the end of this year following the appointment of the new Federal Reserve Chairman, which is expected to further support gold prices.

Platinum reached an all-time high of $2,771.10 per ounce and recently increased by 4.4%, reaching $2,744.40. HSBC stated that this metal is attracting investor demand as a cheaper alternative to gold, and it expects the structural deficit in this market to expand to 1.2 million ounces this year.

At the same time, palladium surged by 4.1%, reaching $1,999.64 per ounce.