EuroWire, SINGAPORE: Gold climbed above US$4,800 per ounce for the first time on Wednesday, extending a record-setting rally as investors shifted toward bullion amid heightened geopolitical frictions and a broad pullback in U.S. financial assets.
Spot gold rose 2.6% to about US$4,885.11 per ounce in early trading, after touching an intraday high near US$4,887.82. U.S. gold futures for February delivery traded around US$4,888.20, also at record territory, keeping the global benchmark close to the session peak.
The latest surge followed intensifying tensions between the United States and European allies linked to Greenland, alongside renewed trade measures that unsettled markets. The move into gold coincided with a sharp risk-off tone that weighed on U.S. equities, pressured the dollar, and pushed investors to reassess exposure to assets tied closely to U.S. growth and policy.
Gold’s advance was reinforced by currency moves. The U.S. dollar index slid to near a one-month low, making dollar-priced bullion cheaper for buyers using other currencies and amplifying demand outside the United States. The combination of geopolitical headlines, tariff-related uncertainty, and a softer dollar supported strong two-way trading and lifted gold to fresh highs.
How the precious-metals complex moved with gold
Other precious metals were mixed as gold outpaced the broader group. Silver eased about 0.5% after hitting a record high a day earlier, while platinum slipped about 0.5% and palladium edged up roughly 0.1% during the same window. The uneven performance underscored how gold’s role as a traditional safe-haven asset can diverge from metals with heavier industrial demand components.
The rally above US$4,800 capped a rapid sequence of new records this week. On Tuesday, gold notched an all-time high above US$4,700 per ounce, with spot prices around US$4,737.18 after earlier trading briefly near US$4,750.49. Silver also set a new record on Tuesday, briefly touching US$95.87 per ounce before easing.
Earlier in the week, gold and silver were already pushing to new highs. On Jan. 19, spot gold traded around US$4,670.01 per ounce after reaching an all-time high of US$4,689.39, while U.S. gold futures for February delivery traded around US$4,677. The successive milestones highlighted the speed of the move across global commodity markets in January.
Market backdrop as investors sought safety
The record move in gold unfolded alongside a broader flight to perceived safety as volatility spread across currencies, equities and government debt. Selling in U.S. assets and the slide in the dollar helped reinforce demand for bullion, which is widely used as a store of value during periods of market stress and geopolitical uncertainty.
Wednesday’s break above US$4,800 placed gold at a level that would have been considered exceptional only months earlier, and it marked a new chapter in a rally that has accelerated into 2026. Market participants continued to monitor precious-metals trading alongside developments in geopolitics and trade policy, with gold’s price action remaining tightly linked to shifts in risk sentiment and currency moves.