Gold climbed to about $4,850 per ounce on January 21, 2026, breaking prior records as investors sought safe havens amid rising geopolitical tensions and moves that pressured the dollar. According to The Kobeissi Letter, that rapid rise could push gold to $5,000 by the end of the week.
Mohamed A. El-Erian highlighted broader geo-economic strains in markets. “On a day when geo-economics is again very much in evidence—including the possibility of an EU–US trade war over Greenland (with the UK seemingly caught in a messy middle)—gold has once more traded at a record high, exceeding $4,700 an ounce.” (tweet)
Rashad Hajiyev, a metals expert, also signaled continued upside momentum. “Looks like gold is going straight to $5k without giving anyone an easy chance to jump in…” (profile)
Market participants say fresh tariffs announced by Trump, large-scale U.S. Treasury sales, and broader risk in global bond markets have weakened dollar-denominated assets. Investors rotated into gold and silver, lifting prices to new highs as demand for safe-haven stores increased.
