Gold hits new all-time high of $4,700

Gold prices hit a new record high of $4,700 on Tuesday, January 20, 2026.

Gold continues to scale new all-time highs as global trade wars heighten geopolitical risks and increase pressure on the US Federal Reserve to cut interest rates.

Concerns about a possible trade war between the US and Europe, amid rising tensions, continue to weigh on investors’ appetite for the precious metal.

Gold began 2025 at around $2,640 and climbed to $3,200 by April 2025.

It remained steady until the end of August before surging again, breaking the $4,300 mark in mid-October.

Gold price hits new record high of $4,600, up by 72% in 2026

Spot gold gained 1.3% after hitting an all-time high of $4,700, while silver rose 0.7% to $95.34 an ounce.

US President Donald Trump has threatened to impose increased tariffs on eight European countries starting February 1, 2026, unless the US is allowed to purchase Greenland, fueling fears of a renewed trade war.

Gold has climbed 9.5% in just the first 20 days of this year and more than 70% since Trump’s second term began a year ago.

In the first two weeks of 2026, silver gained about 20%, boosting profits compared to previous years.

The world’s largest gold producers at present are China, Australia, the United States, South Africa, Peru, Russia, and Indonesia.

SP/MA

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