Gold prices continue to scale new all-time highs as global trade wars heighten
Gold prices hit a new record high of $4,850 on Wednesday, January 21, 2026.
Gold continues to scale new all-time highs as global trade wars heighten geopolitical risks and increase pressure on the US Federal Reserve to cut interest rates.
Concerns about a possible trade war between the US and Europe, amid rising tensions, continue to weigh on investors’ appetite for the precious metal.
Gold began 2025 at around $2,640 and climbed to $3,200 by April 2025.
It remained steady until the end of August before surging again, breaking the $4,300 mark in mid-October.
Gold price hits new record high of $4,600, up by 72% in 2026
Spot gold gained 1.3% after hitting an all-time high of $4,700, while silver rose 0.7% to $95.34 an ounce.
US President Donald Trump has threatened to impose increased tariffs on eight European countries, starting February 1, 2026, unless the US is allowed to purchase Greenland, fueling fears of a renewed trade war.
Gold has climbed 9.5% in just the first 20 days of 2026 and more than 70% since Trump’s second term began a year ago.
In the first two weeks of 2026, silver gained about 20%, boosting profits compared to previous years.
The world’s largest gold producers at present are China, Australia, the United States, South Africa, Peru, Russia, and Indonesia.
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