Gold surpasses $100 an ounce for the first time

Record reached in London on January 23

On Friday, January 23, 2026, the London market saw the price of silver exceed $100 per troy ounce for the first time. Spot transactions for industrial use drove this threshold, while Comex futures contracts in New York also crossed this mark for March to September settlements.
This ninth consecutive week of gains represents a 13.7% increase from the previous session, the largest since August 2020. Since the beginning of the year, silver has risen by 37.4%, slightly outperforming platinum. In Shanghai, the benchmark auction set its seventh record in two weeks at 24,965 yuan per kilo, equivalent to $111.50 per ounce, highlighting strong Chinese demand amid tight supply.
Meanwhile, gold surged, surpassing $5,000 per ounce for the first time following a 7.1% weekly gain last week, the largest increase since the UK lockdown in March 2020.

Gold follows the trajectory with global highs

Gold has also surged in the precious metals rally. Comex futures exceeded $5,000 for April to August deliveries. In China, the leading producer and consumer, the spot price slightly dipped to $0.70 above London quotes but marked its seventh record in ten sessions at 1,110 yuan per gram, reflecting a 14.1% increase since January.
On January 25, spot gold rose to $5,031, up 0.87% daily and 17.61% for the year. On January 26, it surpassed $5,100 per ounce for the first time, driven by over 60% gains in 2025 and safe-haven demand amid uncertainties. In Vietnam, local prices fluctuated around 170 to 173 million VND per ounce on January 23.

Context of Tensions and Cautious Outlook

These record highs are occurring as the dollar declines in foreign exchange markets and geopolitical tensions intensify. US President Donald Trump has criticized NATO allies and pursued a $5 billion lawsuit against J.P. Morgan, escalating risk aversion. Silver surged by 147% in 2025, far outperforming gold, which previously required 105 ounces for a single gold bar. However, analysts note that historically, significant increases tend to lead to mean reversion.
As of January 26, spot silver was priced at $108.96, up 51.01% for the month and 261.09% year-over-year, while gold reached $5,095.81. These extreme levels raise questions about sustainability in a market where China is increasing local premiums through its physical demand.