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Gold prices continued their relentless climb on Thursday, hovering just below $5,600 per ounce as investors poured into the metal amid escalating geopolitical tensions, economic uncertainty, and questions over U.S. Federal Reserve independence.
Spot gold rose more than 3% intraday to $5,560.07 per ounce by 05:57 GMT, after touching a new all-time high of $5,594.82 earlier in the session. The precious metal has now hit record highs for nine consecutive trading sessions.
Precious Metals Performance: January 29, 2026
The rally extended across the precious metals sector, with silver reaching historic territory:
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Silver: Surged to an all-time peak of $120.45 per ounce before settling 1.4% higher at $118.25.
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Platinum: Climbed 2.8% to $2,770.49 (after briefly exceeding $2,900).
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Palladium: Rose 1.6% to $2,107.37.
Key Drivers Behind the Rally
Informed observers attributed the sharp move to a classic flight-to-safety trade, fuelled by multiple overlapping risks:
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Geopolitical Escalation — U.S. President Donald Trump renewed threats against Iran, referencing an “armada” of naval vessels heading toward the region. Iran responded with warnings of a severe counterstrike, raising fears of potential disruption to oil flows through the Strait of Hormuz (handling ~20% of global seaborne crude).
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U.S. Federal Reserve Uncertainty — Concerns over Fed independence intensified after the Trump administration launched a criminal investigation into Chair Jerome Powell, moved to fire Governor Lisa Cook, and signalled an aggressive nomination process for Powell’s successor in May 2026. ANZ analyst Soni Kumari noted: “Investor trust in the financial system gets shaken up” when central bank autonomy appears threatened.
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Global Debt & Trade Fragmentation — Marex analyst Edward Meir pointed to “growing U.S. debt and uncertainty created by signs that the global trade system is splintering into regional blocs as opposed to a U.S.-centric model.”
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Central Bank Buying & Dollar Weakness — Persistent purchases by central banks, combined with a softer U.S. dollar, added further momentum.
Gold has gained more than 27% year-to-date in 2026, following a 64% surge in 2025. IG analyst Tony Sycamore said: “Although the parabolic nature of the rally suggests a pullback is not far away, the underlying fundamentals are expected to remain supportive throughout 2026, positioning any dips as attractive buying opportunities.”
Physical Demand & Market Behaviour
In China and Hong Kong, precious metal traders reported heavy customer traffic, with some investors betting on further upside. High prices have not deterred inflows—rather, they have reinforced gold’s safe-haven appeal amid macro and geopolitical risks.
Outlook & Risks
While the current environment strongly favours gold and silver, informed observers caution that any de-escalation in Middle East tensions, a rapid rebound in U.S. production, or renewed Fed hawkishness could trigger profit-taking and short-term corrections. However, structural drivers—central bank demand, persistent inflation concerns, and geopolitical fragmentation—suggest the bull market has room to run.
