People reset their finances, act on bonuses, and look for stability at the beginning of a new year, so January is usually a busy month for us. However, this year there has been a significant increase in our gold sales for the first half of January - proof that demand for this precious metal isn't slowing down any time soon.
The surge in the gold price is showing no sign of abating, as bullion continues to soar. Gold has jumped over the $5,500 an ounce level this morning, just three days after hitting $5,000 for the first time, taking its gains so far this year to almost 30% (!). It powered higher as investors continue to rush into safe haven assets, looking for protection against geopolitical and economic uncertainty.
On Sunday, gold surpassed $5,000 per troy ounce-the first time it has ever done so. The precious yellow metal climbed to $5,107 on Monday morning before paring back slightly to its current price of $5,082 per ounce, as of this writing. Gold's most recent milestone is just the latest example of the good run the precious metal has had since 2025. During that calendar year, gold's price surged 64%-its highest single-year gain since 1979.
Markets reacted with speed and force. Gold jumped as much as 2.1% to a record $4,690 per troy ounce, while silver surged 4.4% as investors rush into havens. European equities opened sharply lower, with the Stoxx Europe 600 down 1.5%. Read more related news: Trump warns Norway he will not 'think exclusively about peace' US futures tracking the S&P 500 and Nasdaq 100 fell 0.9% and 1.2% respectively, even with US cash markets closed for Martin Luther King Jr Day.
In 2026, scarcity is being repriced through narratives, market access and financial structures rather than simple supply limits. Bitcoin's scarcity is increasingly mediated by ETFs and derivatives, reshaping how it is accessed and priced in financial markets. Gold's scarcity is tied less to mining output and more to trust, neutrality and reserve management. Silver's scarcity reflects its dual role as both an investment metal and an industrial input.
Despite yesterday's pullback in gold, we have to remember that growing geopolitical tension, economic uncertainty, expectations of further interest rate cuts, a weak dollar, and strong interest from central banks could send gold prices screaming even higher. In fact, as we noted just yesterday, Bank of America is targeting $5,000 by 2026. JPMorgan is targeting $5,055. HSBC analysts are targeting $5,000 by early 2026, too.
The S&P 500 closed up 0.46% yesterday to hit a new record of 6,909.79. The index is now up 17.48% for the year. With only the quiet Christmas week left before the end of the year it's likely that investors will mark this down in their spreadsheets as a very good year.Unless, of course, they have a friend who bought gold at or before the beginning of 2025.
Gold prices remained close to the level seen during the last few trading sessions ahead of this week's economic releases and amid the latest geopolitical developments. The metal has struggled to gain traction after the rapidly changing interest rate expectations. However, the probability of a December move jumped to around 71%, up from roughly 40% last week following remarks from New York Fed President John Williams, which could limit downside risks for gold.
