Gold prices surged past the $5,200 mark for the first time on January 26, 2026, reflecting an increase of over 3% the previous day, driven primarily by a weakening U.S. dollar, which has fallen to near four-year lows amidst ongoing geopolitical uncertainties and anxieties regarding monetary policy adjustments by the U.S. Federal Reserve. Spot gold was priced at $5,219.97 per ounce, following a previously set record high of $5,224.95, representing an impressive increase of more than 20% since the beginning of the year. Concurrently, U.S. gold futures for February delivery climbed 2.6% to $5,216.80 per ounce.
Market analyst Kelvin Wong from OANDA attributed the rise in gold prices to a strong indirect correlation with the dollar, influenced by comments from the USA President suggesting a consensus within the White House for a weaker dollar. The dollar faced a “crisis of confidence” as it struggled to stabilize, particularly after Spot silver was up 0.6% at $113.63 an ounce, after hitting a record high of $117.69 on Monday. The white metal has already jumped almost 60% so far this year.
Spot platinum gained 1.5% to $2,679.15 per ounce after hitting a record $2,918.80 on Monday, while palladium was up 0.9% at $1,951.93.remarked that the currency’s value was “great,” despite its current decline.
In tandem with these currency developments, consumer confidence in the United States reached its lowest level in over 11 years in January, fueled by concerns surrounding a sluggish labor market and rising prices. Looking ahead, the Fed is anticipated to maintain current interest rates during its monetary policy meeting. Wong noted potential near-term resistance for gold around $5,240 per ounce. In a further bullish outlook, Deutsche Bank projected that gold could ascend to $6,000 per ounce by 2026 due to increasing investor demand for non-dollar and tangible assets.
Additionally, the silver market saw spot prices increase by 0.6% to $113.63 per ounce, after peaking at a record high of $117.69 earlier in the week, climbing nearly 60% since the year’s start. Platinum also rose by 1.5% to $2,679.15 per ounce, despite a record high of $2,918.80 on Monday, while palladium gained 0.9%, reaching $1,951.93.
