In the early morning of the Asian market on January 26, 2026, international spot and futures gold prices hit a new all-time high simultaneously, breaking through the key $5,000 per ounce level intraday and extending the strong upward trend since 2025. As of press time, COMEX gold futures were quoted at $4,983.10 per ounce, up 1.42% on the day, while spot gold prices briefly touched $5,002.3 per ounce, setting a new record high in the global gold market’s history.

The logic behind this round of gold price increases has transcended traditional safe-haven attributes and evolved into a “currency depreciation trade”. Daniel Ghali, strategist at TD Securities, pointed out that the essence of the gold price surge is the market’s concern about the stability of the sovereign currency credit system: “Trust is currently bending but not yet broken; if trust is completely shattered, the upward momentum will last longer.” Structural demand from central bank gold purchases has become a key pillar, with central banks around the world continuously increasing their gold reserves to reduce reliance on dollar assets and fend off external financial shocks.

Institutions generally hold an optimistic outlook on gold’s medium and long-term performance. Pranav Mer, expert at JM Financial Services, stated that this rally is not a short-term speculation but a long-term shift in asset allocation logic. The decline in risk-free yields has also reduced the opportunity cost of holding gold, making any correction a medium and long-term buying opportunity. Driven by the weakening US dollar index, the precious metals sector strengthened across the board, with COMEX silver futures surging 7.15% on the day to $103.26 per ounce.