Gold seen heading for $6,000 after smashing $5,110 record

Gold prices climbed to a new record above $5,100 an ounce on Monday (Jan 26, 2026), as investors sought safe-haven assets amid rising geopolitical tensions. Silver and platinum also jumped to record highs.

According to Reuters, spot gold rose about 2% to $5,077.22 an ounce by 1:31pm US Eastern Time (18:31 GMT), after touching an all-time high of $5,110.50. US gold futures for February delivery closed up 2.1% at $5,082.50.

Gold continues to be supported by increasing geopolitical and economic uncertainty, while central banks remain major buyers as they diversify foreign exchange reserves and reduce reliance on the US dollar, said Ryan McIntyre, president of Sprott Inc. He added that investor flows into gold-backed ETFs have returned, with holdings up about 20% year on year.

In the latest geopolitical flare-up, US President Donald Trump said on Saturday that he would impose 100% tariffs on Canada if it proceeds with a free trade deal with China.

For precious metals this year, the main drivers are “Trump and Trump,” said Adrian Ash, head of research at online market BullionVault. He said a fresh wave of first-time investors, led by retail buyers across Asia and Europe, is accelerating private holdings of gold and silver.

Markets are also focused on the possibility of coordinated US–Japan currency intervention, which could take place in the near future.

Meanwhile, attention has turned to this week’s Federal Reserve meeting, where rates are expected to remain unchanged, overshadowed by the Trump administration’s criminal investigation into Jerome Powell, the Fed chair. Trump has repeatedly pressured Powell to cut interest rates, which would further support non-yielding assets such as gold.

Gold prices are already up nearly 18% this year, after surging 64% in 2025. Last year, gold broke through key milestones, including $3,000 and $4,000 an ounce for the first time.

Gold may reach $6,000 an ounce

Some analysts believe gold could climb to $6,000 an ounce by the end of the year. Societe Generale forecasts gold at that level, warning that the estimate may still be conservative, while Morgan Stanley said the rally could extend further, with a best-case target of $5,700.

Silver prices surged to a record $117.69 an ounce and were last at $113.46, up 10.2%, after breaking above $100 on Friday. The rally has been driven by retail investor buying and momentum-based demand, tightening both precious and industrial metals markets.

“Momentum is strong, with silver prices in China trading at a notable premium to London, suggesting further upside in the short term. However, prices at these levels may dampen industrial demand,” said Giovanni Staunovo, an analyst at UBS.

Platinum rose 1.8% to $2,816.38 an ounce, after hitting a record $2,918.80, while palladium gained 5.9% to $2,127.68, its highest level since 2022.

Morning update (Jan 27, 2026)

According to Bloomberg, gold rose 0.9% to $5,051.50 an ounce by 8:15am Singapore time, holding above $5,000 for a second straight day. Silver gained 3.6% to $107.49, after briefly touching another all-time high of $117.71. Platinum and palladium edged higher, while the Bloomberg Dollar Spot Index was little changed after a 0.4% decline in the previous session.

Gold extended gains for a seventh consecutive day, supported by a weaker dollar, geopolitical risks and investor sell-offs in government bonds and currencies. The dollar fell to its weakest level in nearly four years in the previous session, making gold more affordable for buyers.

Gold has more than doubled in value over the past two years, reinforcing its historic role as a barometer of market fear. After its strongest annual performance since 1979, gold has risen another 17% this year, largely driven by what analysts describe as “devaluation trades,” as investors move away from government bonds and currencies. Heavy selling in the Japanese bond market is cited as the latest example of investor resistance to large-scale fiscal spending.

Options traders are increasingly betting on further gains. Implied volatility in Comex gold futures jumped to its highest level since the height of the Covid-19 crisis in March 2020, while volatility in State Street’s SPDR Gold Shares, the world’s largest gold-backed ETF, also rose sharply.