Spot gold extended its powerful rally on Thursday and climbed to a fresh record just below $5,600 an ounce. Investors moved into safe-haven assets amid rising geopolitical risks and economic uncertainty. Silver also surged, edging close to the $120 mark.
Gold rose 2.7% to $5,542.29 an ounce by early Asian trading after touching an all-time high of $5,591.61 earlier in the session. The metal crossed the $5,000 threshold for the first time this week and has gained more than 10% so far.
Edward Meir, an analyst at Marex, said growing US debt and a fragmented global trade system are driving investors toward gold. He added that weakening confidence in a US-centric economic model has strengthened demand for hard assets.
Analysts said strong central bank purchases, a softer dollar, and persistent safe-haven demand continue to support prices. Strategists at OCBC said gold is no longer viewed only as a crisis hedge. They described it as a reliable store of value across different economic cycles.
GOLD HITS NEW ALL-TIME HIGH AT $5,350
Gold surged to a fresh record, breaking above $5,350 per ounce amid strong global demand and macro uncertainty.
The move reinforces gold’s role as a hedge as investors position for policy shifts, geopolitical risk, and currency volatility. pic.twitter.com/hNh0O59qA0
— Crypto Town Hall (@Crypto_TownHall) January 28, 2026Gold has now gained more than 27% this year after a sharp rise in 2025. Tony Sycamore of IG said the rally shows parabolic traits, which could trigger short-term pullbacks. He added that strong fundamentals should keep prices supported into 2026.
Geopolitical tensions also lifted demand. US President Donald Trump urged Iran to negotiate a nuclear deal, warning of severe consequences if talks fail. Iran responded by threatening retaliation against the US, Israel, and their allies.
In monetary policy developments, the Federal Reserve left interest rates unchanged. Chair Jerome Powell said inflation remains above the central bank’s 2% target, reinforcing uncertainty around future rate cuts.
The price of gold has hit a record high, passing $5,100 per ounce. Global uncertainty has driven up prices as people look for the safest places to invest. NewsNation’s @_MarcusEspinoza has the details. More: https://t.co/s7NU63oS8u pic.twitter.com/1DgHEKfDPw
— NewsNation (@NewsNation) January 27, 2026Gold prices also found support after crypto firm Tether announced plans to allocate up to 15% of its investment portfolio to physical gold. Elevated prices have also drawn heavy retail demand in Shanghai and Hong Kong.
Spot silver climbed 1.1% to $117.87 an ounce after hitting a record high of $119.34 earlier. The metal has surged more than 60% this year as investors seek cheaper alternatives to gold and face supply shortages.
Read: Gold Price in Pakistan Crosses Rs550,000 on Global Surge
Analysts at Standard Chartered said the silver market faces another supply deficit this year. They added that limited above-ground stocks are further tightening the market.
Platinum rose 1% to $2,723.40 an ounce after touching a record earlier this week. Palladium fell 1.6% to $2,041.20 amid profit-taking.
