Gold Tops $5,000 an Ounce for First Time, Extending a Record Run

Gold rose above $5,000 an ounce for the first time on Monday, Jan. 26, extending a run of record highs that has defined the start of 2026. CNBC reported that spot gold climbed above $5,100 before pulling back, and France 24 put the all-time intraday high at $5,110.50, with the metal up more than 18 percent so far this year.

The milestone comes quickly. CBS News noted that gold crossed $3,000 an ounce in March 2025 and $4,000 in October 2025, and was priced under $3,000 as recently as January 2025. According to CNBC and France 24, gold rose 64 percent in 2025, its biggest annual gain since 1979.

Analysts pointed to several overlapping drivers. CBS News cited inflation that has eased but remains sticky, a Federal Reserve that cut rates three times in late 2025 and now appears to be pausing, and heightened geopolitical uncertainty, which tends to send investors toward safe-haven assets. France 24 added strong central bank buying, noting that China’s central bank reported its 14th straight month of gold purchases in December, along with record inflows into exchange-traded funds.

The dollar also played a part. CNBC reported that the U.S. dollar fell for a third straight day and has lost almost 10 percent over the past year. France 24 said a rising yen pushed the dollar lower as traders watched for possible Japanese intervention in currency markets; a weaker dollar makes gold cheaper for buyers holding other currencies.

Politics and trade added to the mood. CNBC listed President Donald Trump’s threat of a 100 percent tariff on Canada if Prime Minister Mark Carney signed a trade deal with China, which Carney later said Canada has no intention of doing, and the president’s tariff threats against eight allies over Greenland, followed by an announced framework of a deal with NATO. Kyle Rodda, a senior market analyst at Capital.com, told France 24 the latest catalyst was a “crisis of confidence in the US administration and US assets” after the previous week’s decisions.

Silver and other metals rallied too. According to France 24, silver rose 4.8 percent to about $107.90 an ounce after a record of $109.44; it first topped $100 on Friday, after a 147 percent gain in 2025. CBS News described silver as trading near $100. Platinum and palladium also climbed, France 24 reported.

Forecasters expect the strength to continue, though not in a straight line. Giovanni Staunovo of UBS told CNBC that investor and central bank demand should keep pushing prices higher in 2026, and Amy Gower of Morgan Stanley said gold has already passed the bank’s $4,750 estimate and could reach $5,700 an ounce in the second half of the year in a bull case. “We don’t think prices have peaked,” she said. Philip Newman of Metals Focus told France 24 he sees a peak near $5,500 later this year, with pullbacks likely as investors take profits but each one short-lived.

The Federal Reserve holds a policy meeting later this week, and France 24 said investors were trimming dollar positions ahead of it. For households, the price move matters mostly through retirement funds and exchange-traded products that hold the metal, and through jewelry and coin prices; CBS News cautioned that gold and silver purchases should complement, not replace, other holdings.