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January 29, 2026Gold climbs to record high above $5,300 as dollar slips
Gold prices rose above $5,300 per ounce for the first time on Wednesday as weakening confidence in the U.S. dollar and concerns around the independence of the U.S. Federal Reserve boosted demand for the safe-haven metal. Spot gold jumped 1.7% to $5,275.68 an ounce by 0940 GMT after scaling a record $5,311.31. Prices gained more than 3% in the previous session.
U.S. gold futures for February delivery jumped by 3.7% to $5,271.70 an ounce. Gold is rising not merely due to market anxiety, but also because confidence in the global monetary–fiscal order is shifting toward a more cautious stance.
The U.S. dollar struggled near four-year lows on Wednesday after President Donald Trump brushed off its recent weakness, making dollar-priced bullion more attractive to overseas buyers.
