The price of gold is on the verge of trading above $5,000 U.S. an ounce for the first time.
In early trading on Jan. 23, gold’s price rose as high as $4,967.03 U.S. per ounce, an all-time high for the precious metal.
Many analysts now expect gold’s price to breach the $5,000 U.S. mark within days. Gold’s price has already risen 14% this year.
Gold (TVC: $GOLD) has been steadily rising since 2023 and has gained nearly 200% over the past three years.
The continued surge comes as central banks and investors buy gold in the face of rising
geopolitical risks, tariffs, and high stock valuations.
Gold is widely viewed as a safe haven asset in times of uncertainty and market risk.
The price of gold is also getting a lift as the U.S. dollar continues to decline in value. The greenback fell nearly 10% in 2025, its worst annual performance since 2017.
Buying among central banks and de-dollarization continue to push gold higher as investors seek shelter from global policy risks and market volatility, say commodities analysts.
Bank of America (NYSE: $BAC) is now forecasting that gold’s price will reach $6,000 U.S. an ounce by spring of this year.
Gold isn’t the only metal that continues to rise in the current environment.
Silver’s price is up another 3% on Jan. 23 and on the verge of trading above $100 U.S. an ounce for the first time. Silver is up 37% this year and currently trading at a record $99.28 U.S.
Analysts see continued upside for silver, which is also viewed as a hedge against risk.
