Gold powers past US$5,100 to record high as precious metals rally amid rising geopolitical tensions

Gold surged to a record high above US$5,100 an ounce for the first time on Jan 26, after crossing the psychologically important US$5,000 level earlier in the day, as investors piled into the safe-haven asset amid rising geopolitical tensions.

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Gold soared 64 per cent in 2025 and has already risen over 18 per cent in 2026. An analyst projected the metal will hit US$6,400 an ounce this year. PHOTO: AFP

(PHOTO: AFP)

Spot gold was up 2.2 per cent at US$5,089.78 an ounce at 2.56pm in Singapore, after earlier touching an all-time high of US$5,110.50. US gold futures for February delivery also gained the same amount to US$5,086.30 an ounce.

“Our forecast for the year is that gold will see a high of US$6,400 an ounce with an average of US$5,375,” independent analyst Ross Norman said.

Gold soared 64 per cent in 2025 and has already risen more than 18 per cent to date in 2026.

The latest catalyst “is effectively this crisis of confidence in the US administration and US assets that was set off by some of the erratic decision-making from the Trump administration last week”, said Mr Kyle Rodda, a senior market analyst at Capital.com.