Gold extended its record-breaking rally above $5,500 per ounce on January 29, hitting fresh highs as tracked by financial markets platform Kitco. Gold's current record high was achieved on January 28, 2026, at $5,602.22 per troy ounce, marking one of the most dramatic precious metals surges in recent history. The momentum has been building throughout January, with Kitco reporting that even a stable U.S. labor market can't stop gold's momentum.
The rally is fueled by several converging factors. Continued weakness in the US dollar has been a primary driver, with the currency hitting four-year lows. Additionally, heightened economic and geopolitical uncertainty is pushing investors toward safe-haven assets like gold and precious metals. Geopolitical risks remain elevated following U.S. tensions with Iran and concerns about global policy instability, including criticism of the Federal Reserve's independence from the Trump administration.
Central bank buying has remained robust, with central-bank purchases averaging around 60 tonnes a month, far above historical norms. Goldman Sachs recently lifted its December 2026 gold price forecast to $5,400 per ounce, up from $4,900 previously, citing persistent hedges against global macro and policy risks. Meanwhile, Bitcoin has dipped below $88,000 amid the haven rush toward traditional safe assets, showing investors are rotating out of riskier assets into gold and other precious metals tracked across Kitco's platform.