Gold prices hit a new record high above $5,100 per ounce.

Gold prices surged and hit a new record high above $5,100 per ounce on January 26th, as investors flocked to safe-haven assets amid rising international political tensions. Silver and platinum also simultaneously climbed to all-time highs.

Gold bars at a gold exchange in Seoul, South Korea. Photo: Yonhap/VNA

At 6:31 PM GMT (1:31 AM on January 27th in Vietnam time), spot gold prices rose 2% to $5,077.22 per ounce, after touching a record high of $5,110.50 per ounce. US February 2025 gold futures also closed up 2.1% at $5,082.50 per ounce.

According to Ryan McIntyre, President of asset management firm Sprott Inc., gold prices continue to be supported by high levels of geopolitical and economic uncertainty. Central banks remain major buyers as they push to diversify their foreign exchange reserves and reduce their reliance on the US dollar. In addition, investor funds are flowing back into gold-backed exchange-traded funds (ETFs), with holdings increasing by approximately 20% year-on-year.

The latest geopolitical development that has captured market attention is US President Donald Trump's statement last weekend that the US would impose a 100% tariff on Canada if the country proceeds with a trade deal with China.

According to Adrian Ash, head of research at online precious metals trading platform BullionVault, the main driver of the precious metals market this year appears to be "just around Trump." He believes that a wave of first-time investors is driving the rise in gold and silver, primarily from individual investors in Asia and Europe who are rapidly accumulating precious metals for their personal portfolios.

Investors are also watching for the possibility that the U.S. and Japan may soon coordinate currency intervention. Meanwhile, this week's Federal Reserve monetary policy meeting – where the Fed is expected to keep interest rates unchanged – is somewhat overshadowed by the Trump administration's criminal investigation into Fed Chairman Jerome Powell.

Since the beginning of the year, gold prices have risen nearly 18%, after a projected 64% increase in 2025. Last year, gold surpassed key milestones such as $3,000 and $4,000 per ounce for the first time. Analysts believe there is still room for further upward momentum. Societe Generale Bank forecasts that gold prices could reach $6,000 per ounce by the end of this year. Meanwhile, Morgan Stanley predicts that an optimistic scenario could push gold prices to $5,700 per ounce.

In other metals markets, spot silver prices hit a new high of $117.69 per ounce on January 26th, before falling slightly but still rising 10.2% to $113.46 per ounce. Silver prices had surpassed the $100 per ounce mark on January 23rd, driven by strong buying from individual investors and trend-following capital flows, amid continued tight physical supply in the market.

According to Giovanni Staunovo, an analyst at UBS, the current upward momentum is very strong, with silver prices in China significantly higher than in London, suggesting the potential for further price increases in the short term. However, such high prices could lead to a decline in industrial demand for silver.

Spot platinum prices rose 1.8% to $2,816.38 per ounce, after briefly touching a record high of $2,918.80. Meanwhile, palladium prices increased 5.9% to $2,127.68 per ounce, their highest level since 2022.

In Vietnam, on the afternoon of January 26th, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 175-177 million VND/ounce (buying price - selling price).

Source: https://baotintuc.vn/thi-truong-tien-te/gia-vang-cham-muc-cao-ky-luc-moi-tren-5100-usdounce-20260127070251175.htm