Gold surged to a record high, surpassing the $5,000-per-ounce level at the start of trading on Monday, January 26, continuing its historic rally as investors flocked to safe-haven assets amid escalating geopolitical tensions.

The intensifying dispute between the United States and NATO over Greenland has further boosted gold’s gains this year, amid expectations of heightened financial and geopolitical uncertainty.

Meanwhile, U.S. President Donald Trump threatened Canada with 100% tariffs if it continues to deepen trade ties with China. He described Canada as a U.S. state and referred to Canadian Prime Minister Mark Carney as the “mayor of Canada.”

The yellow metal has risen by 64% in 2025, supported by easing U.S. monetary policy, increased demand from central banks, China’s extension of its gold-buying spree for the fourteenth consecutive month in December, and record inflows into exchange-traded funds (ETFs).

Independent analyst Ross Norman said: “Our expectations for this year are that gold will reach $6,400 per ounce, with an average price of $5,375.”

In a market rife with geopolitical turmoil—from Venezuela and Iran to Greenland and U.S.-European tensions—precious metals continue to dominate the discussion, most notably gold. Investors are also closely watching silver prices, which have reached a historic level above $100 per ounce.

Gold prices rose by nearly 8% last week, surpassing $4,900 per ounce for the first time in history on Thursday, prompting Goldman Sachs to raise its year-end gold price forecast to $5,400.

Silver also continued its ascent amid strong demand for safe-haven investments, pushing the white metal above $100 per ounce on Monday. Platinum, used as a diversification tool in portfolios of valuable assets, has risen—like silver—by more than 30% so far this year.

Spot silver prices climbed 2.52% to $105.54 per ounce.

As for other metals, spot platinum slipped 0.03% to $2,766.30 per ounce, while spot palladium rose 0.31% to $2,016.25 per ounce.

As markets watched gold reach the $5,000 level—once considered impossible—Bank of America raised its near-term gold price forecast to $6,000 per ounce, the highest forecast for the yellow metal among major financial institutions.

Michael Hartnett, an analyst at Bank of America, wrote in a note to clients: “History cannot be used to predict the future, but the average gold rally across four bull cycles has been around 300% over 43 months, implying a gold price of $6,000 by spring.”

Forecasts indicate that gold could reach $6,000 per ounce by spring, which would place it more than 20% above its current all-time highs.