Gold prices surged to an all-time high above $5,000 an ounce on Monday, extending a historic rally as investors sought safety amid rising geopolitical and financial uncertainty.
Spot gold climbed 0.94% to $5,029.62 per ounce by late Monday, while US gold futures for February delivery advanced 1.02% to $5,029.70.
Independent analyst Ross Norman projected further upside, forecasting a peak of $6,400 an ounce this year, with an average price near $5,375.
Fresh geopolitical friction has added momentum to gold’s advance. Rising tensions between the United States and NATO over Greenland have unsettled markets, reinforcing expectations of prolonged global instability.
Meanwhile, Ukraine and Russia concluded a second day of US-brokered talks in Abu Dhabi without an agreement. Negotiators plan to resume discussions next weekend.
Gold rose beyond $5,000 an ounce for the first time, extending a breakneck rally fueled by US President Donald Trump’s reshaping of international relations and investor flight from sovereign bonds and currencies. https://t.co/TofO0e6jp2
📷: Akos Stiller/Bloomberg pic.twitter.com/6teKiEoSim
— Bloomberg (@business) January 26, 2026Overnight Russian airstrikes disrupted electricity supplies for more than one million Ukrainians during subzero winter conditions, further intensifying investor anxiety.
Uncertainty deepened after Donald Trump warned that the United States would impose a 100% tariff on Canadian goods if Ottawa finalises a trade agreement with China.
Trump cautioned Canadian Prime Minister Mark Carney that such a move could endanger Canada’s economic stability. The statement unsettled markets already sensitive to escalating trade risks.
Gold surged to a record high above $5,000 an ounce, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical tensions https://t.co/yGstYp9FJy
— Reuters (@Reuters) January 26, 2026Central Banks and ETFs Sustain Gold’s Momentum
Gold posted a 64% gain in 2025, supported by looser US monetary policy, strong central bank demand, and record inflows into exchange-traded funds.
China extended its gold-buying streak for a fourteenth consecutive month in December, reinforcing long-term support for bullion prices. Other precious metals showed mixed performance.
Spot silver rose 1.85% to $104.85 per ounce, building on its breakout above $100 last week. The metal gained 147% in 2025 as retail and momentum-driven buying tightened physical supply. Spot platinum slipped 0.21% to $2,762.25 per ounce, while palladium edged up 0.22% to $2,014.50.
