World gold prices are approaching $5,000, the highest ever.

Favorable factors helped the price of the precious metal rise by more than $100, reaching a record high of $4,954 per ounce.

At the close of trading on January 22, the spot price of gold rose by $103 to $4,935 per ounce. Opening the trading session on January 23, the market continued its upward trend, reaching $4,954 – its highest level to date.

" Geopolitical tensions, a weaker dollar, and expectations of a US Federal Reserve interest rate cut are helping to accelerate demand for gold," said Peter Grant, precious metals strategist at Zaner Metals. The Dollar Index, which measures the strength of the USD against a basket of six major currencies, fell 0.4% on January 22, making gold less expensive for buyers outside the US.

World gold prices rose sharply on January 22nd. Chart: Kitco

Following a meeting with NATO Secretary General Mark Rutte, US President Donald Trump stated that he would not implement the planned import tariffs on European allies, scheduled to take effect on February 1st, because a "framework for a future agreement concerning Greenland and the entire Arctic region" had been reached.

However, the details of the agreement have not yet been released. Denmark asserts that its sovereignty over the island was not included in the discussion.

World gold prices at 8:30 AM on January 23rd

In the US, the Personal Consumption Expenditures (PCE) price index report showed that consumption continued to increase in October and November 2025. This suggests that US consumption is likely to have grown strongly for the third consecutive quarter. The market therefore maintains its forecast of two Fed interest rate cuts in the second half of this year.

"Downward corrections are opportunities to buy gold. We expect prices to reach $5,000 in the short term," Grant said.

The spot price of silver also reached a record high of $96.50 per ounce. "Silver has an even stronger foundation than gold. While its role as a reserve asset may not be as good as gold's, the metal is still benefiting from the safe-haven buying and the weakening of the US dollar," commented Nikos Tzabouras, senior analyst at Tradu.

Platinum prices rose 4.6% to a record $2,601 an ounce. Palladium closed at $1,900, up 3.3%.

According to Reuters. Kitco

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