Gold, silver and platinum extend record-setting rally

Published Fri, Jan 23, 2026 · 10:03 AM

[BENGALURU] Gold notched another record high on Friday (Jan 23), while silver and platinum also extended gains to hit all-time peaks, powered by geopolitical and economic uncertainties, a weaker US dollar and bets for US Federal Reserve interest rate cuts.

Spot gold was up 0.5 per cent at US$4,961.57 per ounce, as at 8.57 am, after scaling a record US$4,966.59 earlier in the day.

US gold futures for February delivery added 1.1 per cent to US$4,964.60 per ounce.

EU leaders heaved a sigh of relief over US 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 US 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.

US consumer spending increased solidly in November and October, likely keeping the economy on track for a third straight quarter of strong growth, but the labour market is still stuck in what economists and policymakers have termed a “low-hiring, low-firing” state.

The US 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 points rate cuts in the latter half of the year, raising non-yielding gold’s appeal.

Spot silver rose 0.9 per cent to US$97.01 an ounce, after hitting a record high of US$97.44 earlier.

Spot platinum gained 1.4 per cent to US$2,665.85 per ounce after hitting a record US$2,684.43 earlier, while palladium edged 0.1 per cent lower to US$1,917.50. REUTERS