January 29, 2026
As investors flocked to safe haven assets amid geopolitical and economic uncertainty, silver came close to breaching the $120 barrier.
The price of gold in spot transactions rose 2.1 percent to $5,511.79 per ounce.
“Rising government debt burdens, geopolitical concerns, and policy unpredictability have accelerated a re-evaluation of the role of gold in investment portfolios,” analysts at OCBC said in a note.
They added: “Gold is no longer just a hedge against crises or inflation; it is increasingly viewed as a neutral and reliable asset for storing value, and it also provides diversification across a broader range of macroeconomic systems.”
Gold broke the $5,000 barrier for the first time on Monday and has risen more than 10 percent so far this week, driven by a combination of factors including strong demand for safe haven assets, strong purchases from central banks, and a declining dollar.
Tony Sycamore, a market analyst at IG, said: “Although the nature of the rise indicates that a decline is not far away, the fundamentals are expected to remain supportive throughout 2026, which makes any declines attractive opportunities to buy.”
As for other precious metals, silver in spot transactions increased 1.3 percent to $118.061 per ounce, after recording its highest level ever at $119.34 earlier. Prices received support from investor demand looking for cheaper alternatives to gold, along with supply shortages and buying momentum. The metal has jumped more than 60 percent so far this year.
Platinum rose in spot transactions 0.5 percent to $2,710.20 per ounce, after hitting a record level of $2,918.80 on Monday. But palladium fell 1.3 percent to $2,048.14 per ounce.
