Gold surges to record $5,136/oz on safe-haven bid

Global gold prices continued to climb, hitting a new all-time high of $5,136 an ounce overnight, as uncertainty boosted demand for safe-haven assets. Markets expect the Federal Reserve to keep interest rates unchanged on Wednesday.

Reuters reported that gold prices rose to a record high on Tuesday (27 January 2026), as prolonged economic and geopolitical uncertainty pushed investors towards the precious metal.

Spot gold rose 2.4% to $5,136.47 an ounce at 3.12pm US Eastern time (20:12 GMT). Gold broke above $5,000 for the first time on Monday.

US gold futures for February delivery closed little changed at $5,082.60 an ounce.

Gold is up more than 18% so far this year, extending last year’s record-setting rally. The rise has been supported by several factors, including heightened geopolitical and economic uncertainty, expectations of US rate cuts, and increased gold buying by central banks worldwide amid a trend towards reducing reliance on the US dollar.

“Usually, the gold rally ends because the factor that pushed people into the gold market in the first place goes away — but in this case, that hasn’t happened,” said Michael Widmer, a commodities strategist at Bank of America.

Concerns intensified after President Donald Trump announced plans on Monday to impose new import tariffs on South Korea. Meanwhile, the risk of a partial US government shutdown is rising ahead of the 30 January budget-deadline for funding allocations.

Markets watch the Fed on Wednesday

Markets are closely watching the US central bank’s two-day policy meeting, which begins on Tuesday. Rates are expected to remain unchanged, and investors are focusing on Fed chair Jerome Powell’s press conference on Wednesday, amid growing concerns over the central bank’s independence.

Meanwhile, Deutsche Bank and Société Générale forecast gold could reach $6,000 an ounce by the end of this year.

The CME Group, the world’s largest derivatives and futures marketplace, said on Tuesday that trading volume in its precious-metals commodity complex hit a single-day record of 3,338,528 contracts on 26 January, surpassing the previous record of 2,829,666 contracts set on 17 October 2025.

Spot silver jumped 6.9% to $111.11 an ounce, after hitting a record high of $117.69 on Monday. Silver is up more than 55% this year, following a 146% surge last year.

“There will be a lot of volatility going forward, with the risk of a sharp correction (in silver),” Widmer added, noting that strong fundamentals and inflows into ETF funds could push silver beyond a target of $170.

Citi raised its short-term silver forecast to $150 an ounce from $100.

Platinum fell 5.6% to $2,604.38 an ounce after touching a record $2,918.80 in the previous session, while palladium slipped about 4% to $1,904.25.

Morning price update (28 January 2026)

Bloomberg reported that gold was steady at $5,177.64 an ounce at 7.10am Singapore time, while silver fell 1.2% to $110.76. Platinum and palladium also eased.

Gold held on to gains after rising for seven consecutive days, supported by a weaker US dollar and a move out of government bonds and various currencies. Bullion hovered near $5,180 an ounce after jumping 3.4% on Tuesday — its biggest daily increase since April.

President Donald Trump said he was not concerned about the US dollar’s weakness, which has dragged the world’s leading reserve currency to its lowest level in nearly four years.

The Bloomberg Dollar Spot Index, a gauge of the US dollar, fell 1.1% in the previous session — its biggest one-day decline since April — making gold cheaper for most buyers.