As of January 28, 2026, spot gold is trading in the range of $5,200 to $5,311 per ounce, marking fresh all-time highs. The surge reflects a mix of currency instability and growing geopolitical uncertainty, both of which are driving investors toward safe-haven assets.

What’s Driving the Rally?
Several powerful forces are pushing gold higher:
1. The Dollar Problem
The US dollar has slipped to its weakest level in nearly four years. A key reason is a shift in White House policy that appears comfortable with a weaker dollar to support US exports. Since gold is priced in dollars, a falling greenback effectively makes gold cheaper for overseas buyers, boosting global demand.
2. Central Banks Are Buying Aggressively
Central bank demand for gold is at record levels. Many countries—especially emerging economies like China and India—are actively reducing their reliance on the US dollar. China alone is estimated to have added more than 270 tonnes of gold in 2025, and that buying trend is continuing into 2026.
Together, these factors are reinforcing gold’s role as both a currency hedge and a geopolitical safe haven, helping explain why prices keep breaking new ground.
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