Gold Smashes Through Records: Spot Price Surges Past $5,500 Amid Unprecedented Safe-Haven Demand

January 29, 2026

Gold prices continued their blistering ascent today, reaching fresh all-time highs above $5,500 per ounce as investors piled into the yellow metal amid persistent geopolitical turmoil, a sharply weaker US dollar, and ongoing economic uncertainties stemming from global policy shifts.

Historic Milestone: New Peak in Sight

Spot gold climbed to approximately $5,579 per ounce in early Asian trading, marking a new record high and extending January's extraordinary rally. The precious metal has now gained more than 100% compared to the same time last year, with the current surge building on an already historic 2025 performance that saw prices shatter previous barriers.

U.S. gold futures for February delivery also pushed higher, reflecting strong momentum across major markets. Analysts noted that today's move pushed gold firmly into uncharted territory, surpassing the $5,400 level approached late yesterday and confirming the metal's status as one of the strongest performing assets in recent history.

Drivers Behind the Rally

The relentless upward pressure stems from a confluence of factors. A plunging US dollar index, which hit multi-year lows, has made dollar-denominated gold more attractive to international buyers. Heightened geopolitical risks, including fallout from the U.S. capture of Venezuelan President Nicolás Maduro, threats of tariffs on key allies, and discussions around Greenland's strategic value, have driven safe-haven flows.

Central bank purchasing remains robust, with institutions continuing to diversify reserves away from the dollar amid de-dollarization trends. Expectations that the Federal Reserve may ease policy later this year despite holding rates steady recently have further supported non-yielding assets like gold.

Silver has joined the rally, climbing toward $117 per ounce after hitting record highs earlier in the week, while palladium posted sharp gains as well.

Market Reactions and Forecasts

Trading volumes in precious metals contracts reached extraordinary levels, with CME Group reporting single-day records in recent sessions. While some analysts caution that the metal appears overbought and vulnerable to a near-term correction, strong dip-buying interest has repeatedly supported prices during pullbacks.

Major institutions have raised year-end targets significantly. Deutsche Bank and Societe Generale now project $6,000 per ounce by the close of 2026, while others see potential for even higher levels if uncertainties persist.

Broader Implications

The surge reflects deep investor unease about traditional assets and currencies in an era of policy unpredictability and international friction. Gold's role as a hedge has never been more pronounced, with retail and institutional demand pushing physical markets and ETFs alike.

As the price hovers near $5,500 and momentum remains firmly upward, attention turns to whether this historic run can sustain through the coming weeks or if profit-taking finally triggers a meaningful pause. For now, gold stands as the undisputed star of global financial markets, rewriting record books with every new trading session.