Gold soars above $5,300 per ounce

January 29, 2026

TL;DR

Gold prices rallied to an all-time high above $5,300 per ounce on Wednesday.
The rally is attributed to strong safe-haven demand amid geopolitical uncertainty and a weakening US dollar.
Factors contributing to the rally include tensions in the Middle East, central bank buying, and US President Trump's actions.
Market watchers are bullish on gold, with forecasts predicting prices between $6,000 and $7,000 per ounce this year.
Russia has seen substantial financial gains from the gold rally, offsetting frozen central-bank reserves.
Russia's gold reserves had a market value of $326.5 billion at the start of 2026.

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