Gold And Silver Surging to Historic Highs

27th January 2026

Gold is trading around $5096 an ounce, up more than 2%, reaching fresh levels.

Silver has hit $109 an ounce on its record-breaking run.

Miners led the charge higher for the FTSE 100.
Pound's strength as policymaker questions a further interest rate cut.

UK borrowing costs fall back from recent highs as labour leadership bid is quashed.
Dollar declines as US economic concerns collide with central bank policies.

Susannah Streeter, chief investment strategist, Wealth Club:

‘'In this febrile geopolitical environment, gold for now seems to know no bounds. The pile on into the gilded safe haven is continuing with the precious metal racing up higher. It vaulted over the psychologically important 5,000 mark on a glittering streak, heading sharply higher as trade tensions emanating from the US, unnerved investors. President Trump threatened 100% tariffs on Canada, for daring to negotiate with China on a new trading relationship. Gold is now heading towards, 5100 an ounce, more than 2% higher in Monday's trade. Silver is also shining amid unprecedented demand, boosted by its safe haven status and demand for its industrial use. It’s shot up by 6%, to trade around 109 dollars a barrel.

The dollar’s decline is part of the story. The greenback has taken another hit as concerns continue to swirl the impact of tariffs, high government spending and inflation on the US economy, prompting investors to recalibrate their exposure to the US. A weaker dollar makes precious metals more attractive to buy given they are denominated in the currency. As the march towards shelters offering security continues with the preservation of capital the priority, gold and silver are shining.

Given the sharp rise in metals prices, miners are leading the charge higher on the Footsie in early trade. The strength of gold and silver are outweighing the currency exchange disadvantages for the likes of Fresnillo, Antofagasta and Endeavour mining.

Why gold is rising:

Safe-haven demand in turbulent markets

Weakness in the US dollar

Central bank buying and continued uncertainty
Gold’s ascent reflects broader financial caution, not just commodity speculation.