Gold, silver and platinum extend record‑setting rally
Fri Jan 23 2026
Gold notched another record high on Friday, while silver and platinum also extended gains to hit all-time peaks, powered by geopolitical and economic uncertainties, a weaker dollar and bets for U.S. Federal Reserve interest rate cuts.
FUNDAMENTALS
* Spot gold was up 0.5% at $4,961.57 per ounce, as of 0057 GMT, after scaling a record $4,966.59 earlier in the day.
* U.S. gold futures for February delivery added 1.1% to $4,964.60 per ounce.
* EU leaders heaved a sigh of relief over U.S. President Donald Trump's U-turn on Greenland as they met for an emergency summit in Brussels late on Thursday while issuing a warning that they were ready to act if Trump was to threaten them again.
* Trump for his part said he had secured total and permanent U.S. access to Greenland in a deal with NATO, whose head said allies would have to step up their commitment to Arctic security to ward off threats from Russia and China.
* But the details of any agreement were unclear and Denmark insisted its sovereignty over the island was not up for discussion.
* U.S. consumer spending increased solidly in November and October, likely keeping the economy on track for a third straight quarter of strong growth, but the labor market is still stuck in what economists and policymakers have termed a "low-hiring, low-firing" state.
* The dollar index fell to a more than two-week low on Friday, making greenback-priced metals cheaper for overseas buyers.
* Markets still anticipate the Fed to deliver two quarter-percentage point rate cuts in the latter half of the year, raising non-yielding gold's appeal.
* Spot silver rose 0.9% to $97.01 an ounce, after hitting a record high of $97.44 earlier.
* Spot platinum gained 1.4% to $2,665.85 per ounce after hitting a record $2,684.43 earlier, while palladium edged 0.1% lower to $1,917.50.