Gold Surges Above $5,300 to Record High as Dollar Slides

Analysts have said gold’s surge signals more than a fleeting flight to safety.

Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery (Oegussa) in Vienna, Austria, on Feb. 3, 2026. Georg Hochmuth/APA/AFP via Getty Images

Gold prices surged to a fresh all-time high above $5,300 an ounce on Jan. 28, extending a powerful rally fueled by a weaker U.S. dollar, rising geopolitical risk, and growing expectations that U.S. interest rates will move lower in the months ahead.

Spot gold climbed more than 1.5 percent to $5,260.28 an ounce by 7:14 a.m. EST, according to TradingView, after touching a record $5,311.31 earlier in the session. Prices had already gained more than 3 percent in the previous trading day.