Gold Prices Surge, Silver Surpasses $100
Gold prices surged on Friday, January 23, after a brief dip, following a rise to a record high nearing $5,000 an ounce. Silver prices also touched $100, supported by increased buying and strong fundamentals.
Spot gold jumped to a new high of $4,976.59 an ounce, after hitting a record high of $4,967.03 earlier in the day.
U.S. gold futures for February delivery rose 1.36% to $4,980.10 an ounce.
Spot silver prices surged to $100 an ounce for the first time ever on Friday, as strong demand and a buying frenzy drove prices higher.
Silver's rise to $100 an ounce comes as investors flock to safe-haven assets amid geopolitical turmoil and expectations of a US Federal Reserve interest rate cut.
Silver has surged more than 200 percent since Trump took office for a second term in January of last year. The strong gains have been fueled by ongoing challenges in expanding the metal's processing capacity and persistent supply shortages.
"Despite the easing of geopolitical and tariff risks, caution still prevails in the market amid uncertainty," said Lukman Otunuga, senior analyst at FXTM. "In the near term, technical factors and profit-taking are limiting further gains."
US President Donald Trump said he secured full and permanent US access to Greenland in an agreement with NATO.
Purchases by central banks, coupled with a broader trend toward dollarization, have contributed to pushing gold prices to record highs as investors seek a hedge against the risks and volatility of global monetary policies.
The US Federal Reserve is expected to leave interest rates unchanged at its meeting on January 27-28, while markets still anticipate two more rate cuts in the second half of 2026, further enhancing the appeal of gold, which does not offer a yield.
