Gold notches record above $4,700/oz; silver hits all-time high
“A softer dollar is providing an additional tailwind for precious metals, reinforcing gold’s rally at a time when confidence in US assets appears to be wobbling.”
Highlights
- Trump's renewed tariff threat stokes trade-war fears
- $4,800/oz for gold within reach, says analyst
- Trump to meet global leaders at World Economic Forum, Davos
Gold climbed to a fresh record high today (20 January), scaling the unprecedented $4,700 an ounce milestone as escalating geopolitical tensions boosted safe-haven demand, while silver also broke above $95 for the first time.
Spot gold gained 1.5% to $4,737.18 per ounce by 09:49am ET (14:49 GMT), after reaching a record high of $4,750.49 earlier in the day. US gold futures for February delivery climbed 3.2% to $4,742.70/oz. "Gold has surged deeper into uncharted territory as investors hedge against rising political risk," said Fawad Razaqzada, market analyst at City Index and FOREX.com.
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"A softer dollar is providing an additional tailwind for precious metals, reinforcing gold's rally at a time when confidence in US assets appears to be wobbling."
Wall Street's main indexes opened sharply lower today (20 January), as investors were spooked by renewed tariff threats from President Donald Trump against Europe over control of Greenland.
The remarks have heightened tensions ahead of Trump's expected meeting with global business leaders in Davos, Switzerland, on Wednesday.
The US dollar was set for its largest daily fall in over a month, making greenback-priced gold more affordable for overseas buyers.
Gold, seen as a safe store of value during economic and political instability, soared 64% in 2025 and has added another 9.5% since the start of the year. The metal's rally has also been supported by expectations of US interest rate cuts, which reduce the opportunity cost of holding non-yielding bullion.
Markets are pricing in two rate cuts of 25-basis-points from mid-2026, while focus intensified after US Treasury Secretary Scott Bessent said Trump could name a new Federal Reserve chair as early as next week.
"$4,800 and $4,900 are the next obvious reference points (for gold), with the key $5,000 handle standing out as the longer-term psychological target," Razaqzada added.
Spot silver slipped 0.3% to $94.37/oz, after hitting a record $95.87 earlier. The white metal added about 147% in 2025 and has gained more than 34% since the start of 2026. Elsewhere, spot platinum added 2.8% to $2,440.94/oz, while palladium was down 0.7% at $1,828.39.
