economy
January 26, 2026
Gold tops $5,000. Why the metal keeps pushing higher and higher
Spot gold eclipsed $5,100 an ounce for the first time ever — and could run even further.
TL;DR
- Spot gold exceeded $5,100 an ounce, reaching a new record high.
- The U.S. dollar's retreat and geopolitical uncertainty are driving gold prices upward.
- Investors and central banks are diversifying reserves into gold, increasing demand.
- UBS strategist Giovanni Staunovo expects gold prices to continue rising in 2026 due to sustained demand.
- President Trump's tariff threats and trade disputes contribute to geopolitical uncertainty.
- Gold experienced a 64% rally last year, its best performance since 1979.
- Exchange-traded funds (ETFs) and central bank purchases fueled previous gains.
- Overseas partners are reconsidering their relationship with the U.S., potentially increasing gold's appeal.
- Gold is displacing U.S. Treasurys as a preferred store of value for foreign central banks.
- Morgan Stanley analyst Amy Gower predicts gold could reach $5,700 an ounce in the second half of 2026.
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