Gold prices on Wednesday, January 28, 2025, hit a new record high of $5,300.
This surge followed escalating unrest in Iran and mounting political pressure on the US Federal Reserve.
US President Donald Trump’s recent comments dismissing concerns over a weaker dollar and signaling his intention to nominate a new Federal Reserve chair have added to market volatility, reinforcing expectations of future monetary policy shifts.
After starting 2025 around US$2,640, gold rose to US$3,200 by April.
It then remained in a relatively flat range until the end of August, when it climbed sharply again, breaking US$4,300 in mid-October.
Bullion gained 2.4% in the trading market, while US Gold Futures advanced as much as 2.8%.
Other precious and industrial metals also posted strong gains, with silver reaching a record high, while platinum and copper hovered near their respective peaks.
Gold price hits record high $5,100
In the first two weeks of 2026, silver gained about 20%, boosting margins compared to previous years.
Gold, meanwhile, climbed over 4% in the first week of January, driven mainly by safe-haven demand after the US–Venezuela tensions erupted.
The largest producers of gold are China, Australia, the United States, South Africa, Peru, Russia, and Indonesia.
The biggest consumers of gold jewelry, however, are India, China, Turkey, the United States, Saudi Arabia, Russia, and the UAE.
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