Gold hits fresh record in rush to safety
By Abigail Townsend
Date: Monday 26 Jan 2026
(Sharecast News) - Gold prices soared to fresh records on Monday, breaching $5,000 an ounce for the first time, as investors continued to flock to safe haven assets.
As at 0800 GMT, gold futures on Comex were up 2% at $5,088. The latest milestone extends a rally that has seen the precious metal put on more than 60% in 2025, driven by mounting geopolitical tensions, easing monetary policy and economic concerns.
Investors are also seeking assets outside the dollar, as they react to Donald Trump's erratic policies, particularly those governing global trade.
Gold recorded its best week since the financial crisis, and the dollar its worst since May, at the peak of the Greenland crisis.
Kathleen Brooks, research director at XTB, said: "There are multiple reasons why the dollar is fading this week, including FX intervention to prop up the yen. However, in a world where people are questioning the US administration's foreign and domestic policies, is there any wonder why the dollar is faltering and gold is rising?
"If the US's radical policy positions are feeding demand for gold, then the yellow metal could become the ultimate anti-Trump trade and there could be further upside to come."
Ipek Ozkardeskaya, senior analyst at Swissquote, said the latest hike was "a clear signal that risk appetite has not returned".
Analysts expect gold prices to continue climbing, potentially reaching as much as $6,000 later this year. Silver prices, which recently breached $100 for the first time, were also higher on Monday, up nearly 6% at $106.61 an ounce.
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