Gold rises above $5,100 for first time

Gold prices extended record-setting rally to surge past $5,100 on Monday, January 26, 2026, as central banks and investors sought refuge from geopolitical risks.

Spot gold was up 2.2% at $5,092.13 an ounce by 1105 GMT after hitting a record $5,110.50, while U.S. gold futures for February delivery gained the same amount to $5,090.70.

Gold soared 64% in 2025 for its biggest annual gain since 1979, shattering multiple records on the back of safe-haven demand.

Prices have already risen about 18% since the start of this year.

The head of commodity strategy at Saxo Bank, Ole Hansen, said United States President Donald Trump and the uncertainty he creates on multiple levels remain the main driver of surging prices and investment momentum driven by a fear of missing out.

In his latest tariff threats, Trump said on Saturday that he would impose a 100% tariff on Canada if it follows through on a trade deal with China.

NCS records ₦7.28trn revenue in 2025

Spot gold ⁠has cleared resistance at $5,070 and ⁠is expected to rise into a range of $5,154 to $5,206 an ounce, said Reuters technical analyst Wang Tao.

Eventually, it could climb to $5,427, Tao added.

Spot silver scaled new heights at $110.11 an ounce and was last up 6.2% at $109.28.

Silver climbed above $100 for the first time on Friday, building on its record 147% rise last year as retail flows and momentum-driven buying compounded a prolonged spell of tightness in physical markets.

Spot platinum jumped by 5% to $2,905.74 an ounce after touching a record $2,918.80 while spot palladium climbed by 5.7% to $2,125.50 after registering a more than three-year high of $2,142.70.

The Star