On the morning of January 29th (Vietnam time), the global gold price officially hit a new record high of $5,600 per ounce, an unprecedented level. In less than a day, the precious metal surged by $350 per ounce. This marks the most significant single-day increase in gold prices ever recorded, with over $200 per ounce gained in just a few hours of trading.
According to Reuters, spot gold prices soared to a record high on Thursday, extending a explosive rally as investors flocked to this safe-haven asset amid geopolitical and economic uncertainties. Silver prices also reached a new all-time high.
Gold first surpassed the $5,000 per ounce mark on Monday and has since risen by over $500 in just four trading sessions. Tony Sycamore, a market analyst at IG, attributes this surge to sustained buying from central banks, strong momentum-driven fund purchases, and a pronounced increase in safe-haven demand.
Sycamore notes that the parabolic nature of the market’s rise suggests a potential correction in the near term. However, fundamental factors are expected to remain supportive throughout 2026, making any pullbacks attractive buying opportunities.
Geopolitical tensions persisted after U.S. President Donald Trump called on Iran to return to nuclear negotiations on Wednesday. In response, Iran vowed to retaliate against the U.S., Israel, and their allies.
On the monetary policy front, the U.S. Federal Reserve (Fed) kept interest rates unchanged during its Wednesday meeting, as widely anticipated. Following the announcement, traders increased bets that the Fed would begin cutting rates in June, though not earlier. Fed Chair Jerome Powell indicated that December inflation likely remained significantly above the central bank’s 2% target.
Gold, a traditional hedge against uncertainty and inflation, also benefits from a low-interest-rate environment, as it is a non-yielding asset. Since the start of the year, gold prices have risen over 25%, following a 64% increase in 2025.
Meanwhile, gold’s consecutive record highs this week have driven buyers to precious metal shops in Shanghai and Hong Kong, with many betting on further price increases.
In other precious metals, spot silver rose 1.5% to $118.36 per ounce, after hitting a record high of $119.34 earlier. Spot platinum gained 0.1% to $2,697.54 per ounce, after reaching a record $2,918.80 on Monday. Palladium climbed 0.5% to $2,091.15 per ounce.
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Customs tariffs and geopolitical tensions could drive gold and silver prices to significant highs early in the year, but as these factors subside, a sell-off may ensue, according to City analysts.
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Questions surrounding the Federal Reserve’s independence could spark the next $500 surge in gold prices.
Gold Prices Surge as Investors Rush to Safe-Haven Assets
Global gold prices surged to a new record, surpassing $4,600 per ounce during the morning trading session on January 13th. This unprecedented rise comes amid a heightened demand for safe-haven assets, fueled by uncertainties surrounding the U.S. Federal Reserve’s policies and escalating geopolitical tensions worldwide. Silver prices also experienced a significant rally, reaching their highest levels in history.
