Gold prices approach record five thousand six hundred dollars per ounce as rally extends
Gold extended its record-breaking rally to approach 5,600 dollars per ounce. The move is driven by safe-haven demand, central bank buying, and a weaker dollar.
Insights:
Spot gold was up 2.1% at $5,511.79 an ounce as of 0039 GMT on Jan. 29, 2026, after hitting a record $5,591.61 earlier that day. The precious metal jumped past the $5,000 mark for the first time on Monday and has gained more than 10% this week alone. This rapid appreciation reflects a global shift in investor positioning as the asset nears the $5,600 level.
The ongoing rally follows a 64% jump in 2025 and gold has gained more than 27% so far in 2026. Market participants state that prices have been supported by safe-haven demand, firm central bank buying, and a weaker dollar. Analysts at OCBC observed that rising government debt burdens, geopolitical concerns, and policy unpredictability have accelerated a structural re-rating of gold's role in portfolios, shifting it toward a broader store-of-value.
