Agadir – On January 26, gold prices traded above $5,000 per ounce for the first time. Experts attributed the situation to extended geopolitical, trade, and monetary uncertainties linked, especially to the US policy under President Donald Trump.
On Monday, spot gold climbed to roughly $5,080 an ounce, after reaching high records such as $5,092.71 and $5,093.05 an ounce during intraday trading.
This dramatic rise is more than double in two years, with prices rising from just over $2,000 an ounce in January 2024 to above $5,000 today.
Policy uncertainty under the Trump administration
The Economic Times reports that “turbulence over Trump’s ambitions for Greenland and pressure on the Federal Reserve have provided the most recent support for gold,” alongside other factors like wars in Ukraine and Gaza and US intervention in Venezuela.
The analyst and market commentator, Kyle Rodda, described the situation as one where “this crisis in confidence in the US government and US assets…was set off last week by some of the Trump administration’s erratic decisions.”
Analysts also note that “given the systemic tensions weighing on the global economy and political order, precious metals are a real safe haven.”
Central bank buying, especially by China, which has been extending its gold purchases for many months, has also supported prices. Money managers point to “underlying demand for protection” as confidence in bonds and the dollar looks shaky.
Market forecasts now see continued upside. Philip Newman of Metals Focus said, “We expect more upside… Our current prediction suggests that prices will reach a peak of around $5,500 by the end of this year,” although pullbacks are expected as investors take profits.
Silver also make record gains
Silver has mirrored gold’s performance in recent weeks. After “more than doubling in value since October 2025,” the white metal surpassed $100 an ounce for the first time, reaching intraday highs such as $109.45 an ounce and trading above $108.89.
David Morrison of Trade Nation attributed this surge not only to safe-haven demand but also to “speculative euphoria…fear of missing out,” and “rumors of supply shortages.”
Other metals have also risen strongly: platinum and palladium both reached multi-year highs alongside silver’s historic break through $100.
Why these metals are surging
According to analyst Neil Wilson, beyond geopolitical risk, “currency depreciation and the increase in the level of debt” have contributed to an “insatiable thirst” for tangible assets like gold, which investors view as a way to preserve wealth over the long term.
Other analysts note that political unpredictability is making traditional safe havens such as government bonds less attractive, pushing more capital into metals.