In October, gold hit a significant milestone, reaching $4,000 an ounce for the first time. Less than four months later, the precious metal is well on its way to $4,900 an ounce in an astonishing push that shows no signs of stopping.
Late Tuesday, January 20, gold hit a new record high of $4,800 an ounce, and by Wednesday morning, it rose to over $4,880 an ounce—up more than 12% year-to-date (YTD) and up about 76% over the last 12 months.
A report from the London Bullion Market Association (LBMA) predicts gold could trade anywhere between $3,450 and $7,150 an ounce in 2026. Analysts surveyed by the LBMA predict wildly different figures, with Robin Bhar of RBMC forecasting an average of $4,000 per ounce, and Julia Du of the ICBC Standard Bank predicting an average of $6,050 per ounce.
Silver has also continued its surge right alongside gold. The precious metal surpassed $95 per ounce for the first time on Tuesday. It has fluttered ever since, dropping within $2 less an ounce, before reaching above $95 again and again. Silver’s new record-high figure is up about 34% YTD, and up more than 201% over the last year.
In the LBMA report, Du took an equally bullish stance on silver, forecasting an average of $125 per ounce, while Bart Melek of TD Securities predicted an average of $44.25 per ounce.
Why do gold and silver continue to rise?
Gold and silver are seen as safe-haven assets at a time of intense geopolitical uncertainty. This week has seen President Donald Trump continue his push to take Greenland by whatever means necessary.
Today, he is attending the World Economic Forum in Davos to further his demands, and push back against European leaders who oppose them.
Over the weekend, Trump threatened tariffs of up to 25% on eight European countries, including the United Kingdom and Denmark.