Gold prices climbed to 5,074.48 USD per troy ounce on 26 January 2026, marking a 1.74% increase from the prior day, according to Trading Economics. This gold and silver surge pushed gold past the $5,000 threshold, setting a fresh record as highlighted by CNBC. Silver followed suit, reaching 107.58 USD per troy ounce, up 4.50% on the same day, per Trading Economics data.

Economic Pressures Fuel Gold and Silver Surge

Over the past month, gold prices have risen 17.11%, with a year-to-date increase of 85.10%, as per Trading Economics. Silver has seen even sharper gains, up 49.10% monthly and 256.52% annually. CNBC reported investment banks raising forecasts, with one predicting gold at $5,400 by December 2026.

Physical silver markets show premiums, with Shanghai prices at $124 per ounce against a US spot of $108, reflecting a $16 premium. In Japan, physical bullion traded at around $130 per ounce early in January 2026, an 80% premium over paper prices at the time. These disparities underscore supply strains, exacerbated by China's new silver export licensing rules effective 1 January 2026, as detailed by Discovery Alert.

The Federal Reserve faces a dilemma ahead of its 27-28 January 2026 meeting, where rates are expected to hold at 3.50%-3.75%, according to a Reuters poll of economists. Holding rates could pressure equities and housing, while cuts might fuel inflation and further boost metals.

Market Responses and Outlook

US stock futures showed mixed performance, with the S&P 500 up 0.03% on 23 January 2026 but futures sliding early that day, per TipRanks. Wall Street closed higher on 21 January 2026 amid eased geopolitical tensions, according to Reuters.

Analysts like those at Carbon Credits note silver breaking $100 due to export curbs and solar demand. The gold and silver surge highlights investor shifts toward safe-haven assets amid uncertainty.