Gold prices returned to rapid growth on Friday, January 30, breaking the $5,500 mark after a brief dip the day before. Investors are massively buying up the precious metal as a safe-haven asset amid escalating geopolitical tensions between the US and Iran, and Trump's statements. This is reported by Bloomberg, writes UNN.
Details
The main catalyst for the growth was the statement by Fed Chairman Jerome Powell, who did not give clear signals about an immediate resumption of the rate-cutting cycle, but hinted at such a possibility later this year. This, combined with a weakening US dollar and threats of new tariffs from the Donald Trump administration, pushed the spot price of gold to a peak of $5,595 per ounce.
We are seeing unprecedented demand for 'safe havens' due to simultaneous pressure on the currency market and the risks of trade wars
Gold price reached $5591, and silver is trading near the $120 mark29.01.26, 06:34
In the last week alone, gold has risen by 13%, and silver has set its own record, exceeding $120 per ounce, which indicates a global reformatting of large players' portfolios towards physical assets.
Forecasts and further expectations
Most leading banks, including Goldman Sachs and Deutsche Bank, have already raised their year-end 2026 targets to $5,400–$6,000 per ounce. Despite extremely high overbought levels, structural factors – purchases by central banks and distrust of the stability of leading currencies – continue to support the trend. Traders are closely monitoring the appointment of a new Fed chairman, as a change in the regulator's leadership could be another reason for volatility in the metals market.
Gold approaches $5600 amid increased demand for safe-haven assets29.01.26, 13:51