On January 29, 2026, gold rose above $5,500 per ounce and hit an intraday record of $5,595.41 as futures climbed over 20% year-to-date, driven by dollar weakness and shifts in central bank reserves. Combined foreign central-bank gold holdings are now valued at about $4 trillion versus roughly $3.9 trillion in government bonds.
The Federal Reserve left interest rates unchanged and the US dollar slid to multi-year lows. President Trump dismissed concerns, saying “No, I think it’s great.”
BRICS now hold more than 6,000 tonnes of gold, led by Russia and China. In December 2025 the group launched the Unit, a pilot currency 40% gold and 60% BRICS currencies.
Central banks added over 1,000 tonnes of gold annually during the past three years. According to Robin Brooks, “Dollar weakness is supercharging the rise in gold … adding fuel to the fire for the crazy rise in precious metals.”
Deutsche Bank set a $6,000 target for 2026 while Goldman Sachs raised its target to $5,800. Precious metals rallied broadly, with silver near $116, platinum up 29%, and copper topping $13,000.
As Sachin Jasuja stated, “The decisive shift in thinking followed the Russia-Ukraine war, when Western governments froze a substantial portion of Russia’s foreign exchange reserves.” US dollar shares in BRICS reserves fell from 58.2% in 2024 to 56.92% in early 2026.
