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Spot gold jumped 1.1% to $5,243.58 per ounce, as of
0314 GMT, after scaling a record high of $5,247.21 earlier, up
more than 20% since the start of the year.
U.S. gold futures for February delivery surged 3.1%
to $5,237.70 per ounce.
“(Gold’s rise) is due to the very strong indirect
correlation with the dollar and yesterday’s price-rise in gold
in the U.S. session was due to Trump’s remark to a casual
question about the dollar which implied that (there is) a
broad-based consensus within the White House to have a weaker
greenback going forward,” said Kelvin Wong, a senior market
analyst at OANDA.
The U.S. dollar was grappling with a “crisis of confidence”
as it struggled near four-year lows, exacerbating dollar
selling, after President Donald Trump said the currency’s value
is “great” when asked whether he thought it had declined too
much.
U.S. consumer confidence, meanwhile, slumped to its lowest
level in more than 11-1/2 years in January amid mounting anxiety
over a sluggish labor market and high prices.
Trump added that he will soon announce his pick to serve as
head of the U.S. central bank, and predicted interest rates
would decline once the new chair takes over.
The Fed is widely expected to hold rates steady at its
January monetary policy meeting, currently underway.
Wong added that near-term resistance for gold could be seen
around $5,240/oz. Deutsche Bank said on Tuesday that gold could
climb to $6,000 per ounce in 2026, citing persistent investment
demand as central banks and investors increase allocations to
non-dollar and tangible assets.
Spot silver was up 1.9% at $115.11 an ounce, after
hitting a record high of $117.69 on Monday. The white metal has
already jumped almost 60% so far this year.
Spot platinum gained 2% to $2,692.60 per ounce after
hitting a record $2,918.80 on Monday, while palladium was
up 1.4% at $1,961.68.
Published on January 28, 2026
