Gold vaults past $5,200 to record high
- By Reuters -
- Jan 28, 2026
Gold surged above $5,200 an ounce on Wednesday to a record high, extending a historic rally as economic and geopolitical uncertainty drove demand for the safe-haven yellow metal.
The metal soared 64% in 2025, supported by sustained safe-haven demand, US monetary policy easing, robust central bank buying – with China extending its gold-buying spree for a fourteenth month in December – and record inflows into exchange-traded funds. Prices have gained more than 17% this year.
The latest catalyst “is effectively this crisis of confidence in the U.S. administration and US assets, that was set off by some of the erratic decision-making from the Trump administration last week”, said Kyle Rodda, a senior market analyst at Capital.com.
US President Donald Trump abruptly stepped back on Wednesday from threats to impose tariffs on European allies as leverage to seize Greenland.
Over the weekend, he said he would impose a 100% tariff on Canada if it followed through on a trade deal with China.
He has also threatened to hit French wines and champagnes with 200% tariffs in an apparent effort to pressure French President Emmanuel Macron into joining his Board of Peace initiative.
Some observers fear the board could undermine the United Nations’ role as the main global platform for conflict resolution, though Trump has said it will work with the UN.