economy
January 21, 2026
Gold breaks new record on Greenland tariff threats
Gold prices climbed to another record of over $4,800 on Wednesday, extending its sharp rally.
TL;DR
- Gold prices reached a new record above $4,800 on Wednesday.
- The rally is fueled by investor demand for safety amid tariff threats and global trade war concerns.
- Analysts are bullish, expecting gold prices to exceed $5,000 this year due to geopolitical tensions, falling real interest rates, and diversification away from the dollar.
- Central bank purchases drove gains in previous years, but private-sector demand has accelerated recent rallies.
- Private demand comes from wealth firms, asset managers, hedge funds, and pension investors.
- Geopolitical tensions are seen as a significant backdrop, not fading, contributing to a flight to gold.
- Nicky Shiels expects gold prices to reach $5,400 this year, characterizing the trend as secular rather than a speculative bubble.
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