The gold market entered a phase of rapid acceleration in January 2026, with prices repeatedly hitting historic highs during the month and, for the first time ever, firmly settling above $5,000 per troy ounce. On January 26, the spot price rose to $5,110.50, with growth since the beginning of 2026 estimated at approximately 18%.
A key feature of the current movement is that it formed in “stages” on the wave of news triggers and demand for defensive assets. In the middle of the month, gold hit a record high of around $4,641 amid a combination of geopolitical uncertainty and expectations of a softening of Fed policy. Then, on January 19, gold and silver rewrote their highs after a surge in the flight to safety amid discussions about Greenland and tariff signals from the US. By January 23, gold had risen to around $4,988, and on January 26, the market crossed the psychological threshold of $5,000 and accelerated to $5,110.
The fundamental drivers of the January rally are as follows:
1) Politics and geopolitics. Investors are paying a higher risk premium due to foreign policy and trade signals from the US administration, as well as general market nervousness. Reuters directly links the surge in gold to growing demand for a “safe haven” amid volatility and geopolitical factors.
2) Currencies and interest rates. The weakening of the dollar and expectations of lower interest rates supported gold as a non-yielding asset (an alternative to bonds), especially against the backdrop of expectations of the Fed’s decisions at the end of January.
3) Central banks. Purchases by regulators remain high: the World Gold Council estimated net purchases by central banks at 45 tons in November, with total purchases for January-November at 297 tons.
4) Investment flows and “new” large buyers. Demand from atypical players is emerging in the market: for example, Tether reported purchasing about 27 tons of gold in the fourth quarter of 2025.
Possible scenarios for the near future look diverse.
The market is focused on US macro statistics and the trajectory of Fed policy: any signals of tighter rates could trigger a correction after rapid growth. At the same time, the “rally continues” scenario remains in place if the risk premium remains high and demand from central banks remains stable. Against this backdrop, investment houses are already raising their targets: Reuters reported that Goldman Sachs has raised its gold price forecast for the end of 2026 to $5,400 per ounce and expects central banks to continue making significant purchases.
The baseline scenario for the market in the near future is high volatility with a continuing upward trend: January’s rapid growth increases the likelihood of pullbacks “on the news” and profit-taking, but structural factors (diversification of reserves, geopolitical risks, demand for hedging) still appear to be stronger.
Earlier, the Experts Club analytical center released a video on gold production by the world’s leading economies from 1975 to 2024 – https://youtube.com/shorts/DWbzJ1e2tJc?si=BT8LW70pzdJThvqN
https://expertsclub.eu/rynok-zolota-v-sichni-2026-uvijshov-u-fazu-rizkogo-pryskorennya-experts-club/
The spot price of platinum exceeded $2,900 per troy ounce for the first time during trading on Monday amid growing demand for safe-haven assets due to fears of another US government shutdown.
As of 14:28 GMT, platinum was trading at around $2,888 per ounce after hitting a record high above $2,900.
The precious metals market is also being supported by expectations related to the financing of US federal agencies: the federal government is expected to run out of funds on January 31, and investors are assessing the risk that Congress will not approve a new financing package before that date.
Platinum is one of the key industrial metals: it is widely used in catalytic systems to reduce harmful emissions (including in the automotive industry), in petrochemicals and the chemical industry as a catalyst, as well as in the manufacture of electronics and in certain types of hydrogen technologies where corrosion-resistant and high-temperature materials are required.
Earlier, the Experts Club analytical center released a video analysis of the production of platinum group metals by the world’s leading manufacturers for the period 1971-2024, – https://youtube.com/shorts/vj4mBkJVxrg?si=pPTU6_l0t9-iCBb4
The spot price of gold exceeded $5,000 per troy ounce for the first time on Monday amid growing demand for safe-haven assets. As of 8:02 a.m., the spot price of gold rose 1.8% to $5,078.54 per ounce, reaching $5,093.05 per ounce during the session.
The price is supported by fears of another US government shutdown and the weakening of the dollar: the DXY index, which reflects the dynamics of the US currency against six major world currencies, is down 0.5%.
Since the beginning of the year, gold has risen in price by 15.5%.
Earlier, the Experts Club analytical center presented an analysis of the world’s leading gold-producing countries in its video on YouTube channel — https://youtube.com/shorts/DWbzJ1e2tJc?si=BywddHO-JFWFqUFA
In 2025, Ukraine increased imports of aluminum and aluminum products by 15.3% to $514.098 million. Aluminum exports grew by 22.9% to $152.919 million.
In December, imports amounted to $43.298 million, while exports amounted to $11.805 million.
This is a continuation of the growing trend: in 2024, imports had already increased by 21.7% compared to 2023.
Aluminum is widely used as a structural material. The main advantages of aluminum are its lightness, malleability, corrosion resistance, high thermal conductivity, and the non-toxicity of its compounds. In particular, these properties have made aluminum extremely popular in the manufacture of cookware, aluminum foil in the food industry, and for packaging. The first three properties have made aluminum the main raw material in the aviation and aerospace industries (recently, it has been replaced by composite materials, primarily carbon fiber). After construction and packaging production—aluminum cans and foil—the largest consumer of metal is the energy sector.
For a more detailed overview of global aluminum production from 1970 to 2024, see the video on the Experts Club YouTube channel.
In 2025, Ukrainian companies increased imports of copper and copper products in monetary terms by 23.2% compared to the previous year, to $173.453 million. Copper exports for the same period grew by 17.7%, to $103.848 million.
In December alone, imports amounted to $13.311 million, while exports amounted to $10.318 million.
As reported, Ukraine maintained copper imports at the previous year’s level ($140.797 million) in 2024, and in 2023, it increased them by 2.2 times compared to 2022.
Copper is widely used in electrical engineering, in the production of pipes, for creating alloys, in medicine, and in other industries.
Earlier, the Experts Club information and analytical center released a video dedicated to global copper production and leading producing countries – https://youtube.com/shorts/_h8iU50z8C0?si=a-XkgGEfeUxseQNa
Gold and silver prices hit new highs on Monday amid increased demand for safe-haven assets due to the situation surrounding Greenland.
Traders fear that increased pressure from US President Donald Trump, who is laying claim to Greenland, will provoke a large-scale trade war between the US and Europe.
On Saturday, Trump announced that he would impose 10% tariffs on a number of European countries that support Denmark and Greenland starting in February. From June 1, 2026, the tariffs for these countries will be 25% and will remain in effect “until an agreement is reached on the full purchase of Greenland by Washington,” Trump said.
European countries are ready for a coordinated response to the introduction of US tariffs, said European Commission President Ursula von der Leyen. According to the Financial Times, EU countries are considering imposing tariffs on US goods worth €93 billion or a series of restrictions on American companies.
The trade tensions surrounding Greenland are different from last year’s situation with the US imposing large-scale tariffs, notes Charu Chanan, chief investment strategist at Saxo Markets in Singapore.
“The use of tariff threats within NATO is a kind of blow to confidence that could provoke a more persistent risk premium on asset values,” she says.
The spot price of gold rose 1.6% to $4,670.47 per ounce by 9:30 a.m. on Monday, while silver rose 3.4% to $93.1755 per ounce. During the session, the price of gold rose to a record $4,690.59 per ounce, and silver to $94.1213 per ounce.
“Geopolitical risks are intensifying,” said Kyle Rodda, an analyst at Capital.com Inc. in Melbourne. “New trade uncertainty is clouding the growth outlook, and US foreign policy is undermining confidence in the dollar. This is the perfect set of conditions for gold and silver prices to rise.”
US stock index futures are down 0.8-1.3% on Monday. Trading activity on the futures market is weak as US exchanges are closed for the Martin Luther King Jr. holiday.
Reference: The Experts Club analytical center previously released a video analysis of the twenty largest silver-producing countries and their competition for leadership in 1971-2024 – https://www.youtube.com/shorts/HvKK-YET8vs
The Experts Club also previously presented an analysis of the world’s leading gold-producing countries — https://youtube.com/shorts/DWbzJ1e2tJc?si=BywddHO-JFWFqUFA
