WASHINGTON, January 26, 2026 – Gold has shattered expectations, surging above $5,000 per troy ounce and peaking at $5,075—a historic first. Investors are aggressively seeking shelter in gold as global uncertainty mounts, driven by a volatile mix of trade disputes and geopolitical anxieties. This dramatic move signals a clear shift towards defensive investing.
Trade Wars and Sovereignty Claims Fuel Rally
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Investors are turning to gold as a safe haven amid escalating global tensions.
The primary catalyst for this surge was renewed rhetoric from US President Donald Trump over the weekend. He stated that Washington would explore asserting sovereignty over portions of Greenland where US military installations are located. This pronouncement reignited market jitters, coming shortly after a brief respite from escalating tariff threats directed at several European nations.
Further pressure on global markets followed Trump’s warning to Canada. He asserted that all Canadian exports to the US could be subject to a 100% tariff if Ottawa proceeds with a trade agreement with China. This statement arrived a week after Canadian Prime Minister Mark Carney announced a preliminary deal with Beijing, centered around a mutual reduction in tariffs.
Geopolitical Risks Remain Elevated
Geopolitical risks continue to simmer. Ukraine and Russia recently concluded another round of US-mediated talks without reaching a resolution, although both parties indicated a willingness to resume negotiations next weekend. The lack of progress adds another layer of uncertainty to the global landscape.
As a result of these escalating tensions and aggressive trade threats, capital is flowing rapidly into gold, reinforcing its position as the world’s primary safe-haven asset.
Technical Analysis Points to Further Gains
Looking at the 4-hour chart, gold has decisively broken through the $5,000 level and is now exhibiting a strong bullish trend towards $5,215. A corrective pullback towards $5,000 is possible after reaching this level. The MACD indicator confirms robust upward momentum, with the signal line at highs and trending firmly upwards.
On the 1-hour chart, the price has broken and consolidated above the $5,050 level, now acting as support. The trend is anticipated to continue towards $5,200. The Stochastic oscillator supports this bullish outlook, with the signal line above 50 and continuing its ascent.
- Gold reached a record high above $5,000 per troy ounce.
- US trade rhetoric and geopolitical tensions are driving investment.
- Technical analysis suggests further upside potential.
- Canada faces potential tariffs if it finalizes a trade deal with China.
Gold has entered a new historical phase, propelled by escalating geopolitical risks and assertive US trade policies. As long as global political and trade uncertainties persist, gold is likely to remain well-supported, with the potential for further gains despite the possibility of short-term technical corrections.
