Gold Nears $5,000 as Geopolitical Risks Push Investors Into Safe Havens
Gold, Silver and Platinum Hit Record Highs as Investors Lose Faith in US Assets
Gold prices scaled a fresh record on Friday, January 23, while silver and platinum also touched all-time highs, as investors shifted away from U.S. assets amid mounting geopolitical tensions and economic uncertainty.
Spot gold slipped 0.4% to $4,917.37 an ounce by 0851 GMT, after hitting a lifetime peak of $4,967.03 earlier in the session. The metal has gained nearly 14% in less than a month in 2026. U.S. gold futures for February delivery rose 0.2% to $4,921.70 an ounce.
Analysts said demand for precious metals has surged as confidence in U.S. assets weakens. “Faith in the U.S. and its assets has been shaken, possibly permanently, and that’s driving flows into precious metals,” said Kyle Rodda, senior market analyst at Capital.com.
The dollar index hovered near a more than two-week low, down about 1% for the week, making dollar-priced metals cheaper for overseas buyers. U.S. equities were volatile earlier this week after renewed tariff threats from President Donald Trump against the European Union, before stabilising later.
Market anxiety eased marginally after Trump reversed his stance on Greenland during an emergency EU summit in Brussels, though European leaders warned they were prepared to respond to future threats. Trump later said the U.S. had secured permanent access to Greenland through a NATO deal, though details remain unclear.
The gold rally has been supported by sustained central bank buying and strong inflows into exchange-traded funds, as investors hedge against policy uncertainty and global macro risks. Expectations of U.S. interest rate cuts later in 2026 have further boosted demand.
The Federal Reserve is expected to keep rates unchanged at its January 27–28 meeting, but markets continue to price in two rate cuts in the second half of the year.
In India, gold premiums surged to their highest level in over a decade as buyers rushed ahead of a possible import duty hike in the upcoming budget. Chinese premiums softened as global prices neared the $5,000-per-ounce mark.
Spot silver climbed 1.7% to $97.85 an ounce after touching a record $99.34 earlier, bringing its 2026 gains to 37%. Platinum slipped 0.3% to $2,622.80 after hitting a lifetime high of $2,684.43, while palladium fell 1.8% to $1,885.75.
