Key Highlights
- Silver price breaks $100 milestone for the first time, while gold nears $5,000.
- Analysts blame increased demand for safe-haven assets on President Trump’s unpredictability.
- Copper prices also surge to record highs.
- Goldman Sachs raises its 2026-end gold price forecast to $5,400/oz.
Silver and Gold Prices Reach Record Levels as Safe-Haven Assets Gain Favor
The precious metals market witnessed significant movements this week, with silver breaking a long-standing milestone for the first time, reaching an all-time high of $100.10 per ounce. Meanwhile, gold prices inched closer to their record-breaking mark, currently hovering around $4,945.21 as of 10:25 AM EST on January 23, 2026.
Chris Weston, head of research at Pepperstone, attributed the surge in precious metals’ prices primarily to increased demand for safe-haven assets amid heightened geopolitical tensions and economic uncertainties, which he linked directly to President Donald Trump’s “absolute unpredictability.” Weston stated, “Gold increasingly looks like a hedge against Trump as the U.S. president and the absolute unpredictability that comes with it.”
Other analysts suggested that the precious metals rally was fueled by fear of missing out (FOMO) and a desire for safe-haven assets amid global uncertainties. Saxo Bank’s analysts highlighted how periods of global uncertainty drive up demand for such assets, noting, “The rally in gold and silver is being driven by FOMO as well as a general desire for safe haven assets.”
Industry Context and Analysis
The surging prices of precious metals have been driven not only by geopolitical tensions but also by fundamental economic factors. According to Goldman Sachs, the firm raised its 2026-end gold price forecast from $4,900 to a projected $5,400 per ounce. This upward revision underscores the growing confidence among financial institutions in the long-term potential of precious metals as investment vehicles.
Chris Weston further elaborated on the underlying factors driving this trend: “The U.S. capture of Venezuela’s Nicolas Maduro, protests in Iran, China imposing new export restrictions on silver, and Trump’s push to annex Greenland have all contributed to rising prices.” These events, he noted, create an environment where investors are seeking diversification into assets like gold and silver.
Impact on Other Metals
The surge in precious metals has not been isolated; other metals also saw significant price increases. Copper prices climbed past $13,000 per ton, reaching as high as $13,173.50, nearing its all-time high from earlier this month. This upward trend in copper prices reflects the metal’s critical role in industries such as construction and manufacturing.
Market watchers observed that the surging demand for safe-haven assets has also affected other commodities. The price squeeze on silver, caused by a flood of the metal into U.S. vaults amid fears of potential tariffs, led to a shortage in the London trading hub, contributing further to its value.
Conclusion
The recent movements in precious metals markets highlight the interplay between global geopolitics and financial markets. As investors seek refuge from economic uncertainties and political instability, gold and silver continue to attract significant attention as reliable assets for diversification. With forecasts predicting even higher prices ahead, the future of these precious metals looks promising in a volatile global environment.
