NEW YORK — Gold prices marched to record levels above $5,100 on Jan. 26, as investors sought a safe haven amid international political tension.
Silver and platinum also scaled to all-time highs.
Spot gold was up 2 percent at $5,077.22 an ounce Monday afternoon after hitting a record $5,110.50. U.S. futures for the metal for February deliveries 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 U.S. 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.
In the latest geopolitical flare‑up, 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,” he said. “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 U.S. 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 Jerome Powell, the central bank’s chairman.
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 on per-ounce basis, including $3,000 and $4,000 for the first time.