Gold steadies after nearing $5,000 per ounce

CAPITALS, 23rd January, 2026 (WAM) — Gold prices stabilised on Thursday after a record rally that pushed prices close to the US$5,000-per-ounce level, while silver prices approached US$100, supported by strong buying momentum and solid underlying fundamentals.

Spot gold was steady at $4,931.28 per ounce by 13:32 GMT, after hitting a record high of $4,967.03 earlier in the session. US gold futures for February delivery rose 0.4 percent to $4,934.20 per ounce.

Gold had earlier eased in spot trading as some investors moved to take profits following recent sharp gains.

Silver and platinum also recorded all-time highs, with prices rising 14 percent since the beginning of the year.

Continued purchases by central banks and a broader trend away from reliance on the US dollar have contributed to pushing gold prices to record levels, as investors seek protection against global monetary policy risks and volatility.

Silver has gained 37 percent since the start of the year.

Platinum climbed 1.5 percent in spot trading to $2,667.47 per ounce after touching a record high of $2,684.43 earlier in the session, bringing its year-to-date gains to 30 percent. Palladium fell 0.7 percent to $1,907.45 per ounce.