Gold Hits New All-Time Highs as Markets Eye $5,000 Milestone

2026-01-23 economy

New York, Friday, 23 January 2026.
Driven by rate cut expectations and geopolitical tension, gold breached $4,900 per ounce today; analysts now project a rise to $5,187 as silver simultaneously hits a record $96.58.

Record-Breaking Rally Intensifies

The precious metals market is witnessing a historic surge, with gold prices pushing aggressively toward the psychological $5,000 barrier. During Asian trading hours on Friday, January 23, 2026, spot gold climbed to a new record high of $4,967.48 per ounce [4]. This upward momentum builds upon Thursday’s session, where the metal first established a foothold above the $4,900 threshold, reaching an intraday high of $4,937.38 [1] and settling with U.S. gold futures for February delivery up 1.6% at $4,913.40 [1]. The rally is not isolated to gold; spot silver jumped nearly 3% on Friday to a record high of $99.0275 per ounce [4], while platinum also peaked at a record $2,692.31 per ounce [4].

Geopolitical Tensions Fuel Volatility

A resurgence of geopolitical instability is a primary driver behind this flight to safety. On Thursday evening, U.S. President Donald Trump stated that a U.S. naval fleet was moving toward Iran, warning Tehran against restarting nuclear efforts or harming protesters [4]. This “armada” comment reignited fears of military intervention in the Middle East, compounding anxieties that had briefly settled following an announcement regarding Greenland [4]. earlier on Thursday, President Trump claimed the United States had secured permanent access to Greenland through a deal with NATO [1][5]. While this temporarily eased trade war concerns, the lack of specific details regarding the agreement—coupled with Denmark’s insistence that its sovereignty remained unchanged—kept safe-haven demand firmly in play [5].

Economic Indicators and Federal Reserve Outlook

Beyond geopolitics, macroeconomic factors are providing significant tailwinds for bullion. The U.S. dollar index slipped by 0.4% on Thursday [1], making dollar-priced assets more attractive to overseas buyers. This weakness followed the release of the U.S. Personal Consumption Expenditures (PCE) report, which indicated consumer spending increased in October and November [1]. Consequently, markets are pricing in two quarter-point interest rate cuts by the Federal Reserve in the second half of 2026 [3]. As interest rates fall, the opportunity cost of holding non-yielding assets like gold decreases, further supporting the price [5].

Analyst Forecasts and Historical Context

Market analysts are increasingly bullish on the metal’s trajectory. Goldman Sachs recently raised its year-end forecast for gold to $5,400 per ounce, up from a previous target of $4,900, citing intensifying demand from central banks and private investors [3]. Technical analysis suggests a Fibonacci projection of $5,187.79 could be the next major resistance level after the $5,000 milestone [1][5]. This rally continues a trend of exceptional performance; in 2025, gold soared 64% [8], while silver recorded a staggering 146% gain [7]. So far in 2026, spot gold is trading up nearly 15%, and silver has gained nearly 39% [4].

Sources

Inflation Commodities