Gold tops $5,000 for first time ever, adding to historic rally
January 26, 2026 06:39 am
The price of gold has risen above $5,000 (£3,659) an ounce for the first time, extending a historic rally that saw the precious metal jump by more than 60% in 2025.
It comes as tensions between the US and NATO over Greenland have added to growing concerns about financial and geopolitical uncertainty.
US President Donald Trump’s trade policies have also worried markets. On Saturday he threatened to impose a 100% tariff on Canada if it strikes a trade deal with China.
Gold and other precious metals are seen as a so-called safe-haven assets that investors buy in times of uncertainty.
Demand for gold has also been driven by a range of other factors including higher-than-usual inflation, the weak US dollar, buying by central banks around the world and as the US Federal Reserve is expected to cut interest rates again this year.
Wars in Ukraine and Gaza, as well as Washington seizing Venezuelan President Nicolás Maduro, have also helped push up the price of gold.
On Friday, silver topped $100 an ounce for the first time, building on its almost 150% rise last year.
