The price of gold has risen above $5,000 U.S. an ounce and silver’s price has topped $100 U.S. an ounce for the first time as investors seek out safe have assets amid growing uncertainty.
Gold’s price hit a fresh all-time high above $5,100 U.S. an ounce as investors seek the safety of the precious metal amid rising geopolitical tensions and global financial risks.
At the same time, silver also continues a record-breaking run, with its price up 8% on Jan. 26 and trading at $109.33 U.S. per ounce.
The surge in precious metal prices continues as global flashpoints such as Greenland and Venezuela send investors rushing into safe haven assets like gold and silver.
Many analysts see the record rallies in gold and silver continuing, at least in the near-term, as market volatility and geopolitical risks remain high.
Wall Street investment bank Goldman Sachs (GS) says demand for gold has broadened beyond traditional channels, with exchange-traded funds (ETFs) holdings have risen by about 500 tonnes since the start of 2025.
The investment bank recently lifted its December 2026 gold price forecast to $5,400 U.S. an ounce from $4,900 U.S.
Another factor driving precious metal prices higher is buying among the world’s central banks.
Goldman Sachs estimates that central-bank purchases are now averaging around 60 tonnes a month, far above the pre-2022 average of 17 tonnes.
The risks and hedging on the part of investors that is fueling the current rallies in gold and silver are likely to remain in place throughout this year, says Goldman Sachs.
Gold’s price rose more than 60% in 2025, while silver’s price doubled during the year.
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