Gold hits fresh record as safe-haven demand lifts precious metals
Gold pushed to a fresh record near the $5,600-an-ounce level on Thursday (Jan 29, 2026) as investors sought safety amid rising geopolitical tensions and softer signals from the US economy, while silver also surged to new highs as capital flowed into traditional havens.
Spot gold was up 2.2% at $5,516.71 an ounce by 0947 GMT after touching a record $5,594.82 earlier in the session, extending a run of record highs into a ninth straight session. US gold futures for February delivery rose 4% to $5,509.60 after hitting an all-time high of $5,626.80.
The rally has been fueled by a mix of geopolitical headlines, a weaker dollar and shifting expectations for US interest rates. Reuters reported that President Donald Trump pressed Iran to negotiate a nuclear deal and warned of a stronger US response than in last year’s attack on Iranian nuclear facilities, while Tehran threatened retaliation against the US, Israel and their allies.
On the policy front, the Federal Reserve held rates steady on Wednesday, and investors have been watching for Trump’s announcement of a new Fed chair, with market pricing pointing to the next rate cut around June. The US dollar remained under pressure after hitting a four-year low earlier in the week following Trump’s comments dismissing concerns about the currency’s weakness, a backdrop that can boost demand for dollar-priced gold among non-US buyers.
Investment flows have also strengthened. SPDR Gold Trust said its holdings rose to 35,043,181 ounces, the highest level since May 2022, adding to evidence of renewed ETF demand during the rally.
Silver tracked the same risk-off bid, rising 0.7% to $117.42 after hitting a record $120.45 earlier, with Reuters citing gains of nearly 64% so far this year as investors diversified beyond gold amid tight supply conditions and momentum buying. Platinum rose 1.8% to $2,743.80 after touching a record $2,918.80 earlier in the week, while palladium eased 0.2% to $2,070.
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