Gold Tops $5,000 Per Ounce on Geopolitical, Fed Concerns

Gold prices surpassed $5,000 per ounce for the first time, driven by safe-haven demand fueled by geopolitical tensions under the Trump administration and market expectations for further Federal Reserve interest rate cuts. The spot price was up 1.4% to $5,058 a troy ounce as of 8:14 p.m. ET on January 26, 2026. The metal has jumped 15% in the first 26 days of 2026, following a record 65% annual gain in 2025. Analysts cite a weaker U.S. dollar, higher-than-expected inflation, and destabilizing geopolitical moves as key drivers. Silver, another haven asset, rose 4.5% to $107.8 an ounce.