Gold prices surpass US$4,800 per ounce for the first time amid global instability

Tashkent, Uzbekistan (UzDaily.com) — Gold prices continue to set historic records, having exceeded the US$4,800 per ounce mark for the first time.

February gold futures on the New York Mercantile Exchange (COMEX) rose by 1.82% during trading on Wednesday, 21 January, reaching a record high of US$4,852.6 per ounce. Over the past two days, gold prices have increased by 5.6%. According to Bloomberg, the rally has been driven by an escalation of the crisis surrounding Greenland and a sell-off in Japanese government bonds, both of which have boosted demand for safe-haven assets.

The US dollar index (DXY) opened near a one-month low following statements by Washington regarding Greenland, which triggered a broad sell-off of US assets, including the currency, equities and US Treasury bonds. A weaker dollar makes gold, which is priced in US dollars, more affordable for foreign buyers.

Analysts do not rule out further gains in gold prices. Citigroup has raised its three-month forecast for gold to US$5,000 per ounce and for silver to US$100 per ounce. Analysts at ANZ expect gold prices to exceed US$5,000 per ounce as early as the first half of 2026.