Gold prices reached an all-time high of $5,311 per ounce on January 28, 2026, marking its seventh consecutive session of gains and accelerating a rally that has seen prices surge over 15% in seven trading sessions.
This surge is primarily driven by a "crisis of confidence" in the US dollar, which has plunged to four-year lows following comments from President Donald Trump favoring a weaker greenback. Uncertainty surrounding the upcoming Federal Reserve meeting and a broader shift in confidence towards the global monetary-fiscal order are also contributing factors.
Analysts from XS.com suggest this represents a structural change in gold's role, moving beyond cyclical factors. Goldman Sachs has raised its 2026 price target to $5,400, while Deutsche Bank anticipates gold could reach $6,000, citing persistent investment demand and central bank diversification away from dollar assets.
Gold Prices Topping $5,300 Could Be New Phase in Risk Pricing(current)
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