Silver Tops $100 An Ounce As Gold Closes In On $5,000 Record

Silver prices climbed above $100 an ounce for the first time on January 23 as investors moved into safe-haven assets. Gold also hit another record and edged closer to $5,000 an ounce.

Spot silver jumped 5% to $100.94 an ounce by 18:48 GMT. The metal has risen more than 200% over the past year, supported by difficulties in expanding refining capacity and a persistent shortage of supply.

Spot gold was up 0.6% at $4,964.81 an ounce after touching a record high of $4,988.17 earlier in the session. U.S. gold futures for February delivery settled 1.4% higher at $4,979.70.

Since the start of 2026, demand for safe-haven assets has surged amid tensions between the United States and NATO over Greenland, concerns about the Federal Reserve’s independence and continued uncertainty surrounding tariffs. Central bank purchases and a broader shift away from the dollar have also supported gold prices.

As a non-yielding asset, gold tends to benefit in low interest rate environments. The metal first crossed the $3,000 and $4,000 thresholds last year in March and October respectively, driven by U.S. rate cuts and global conflicts.

Commerzbank said it expects U.S. interest rate cuts to pick up pace later this year following the appointment of a new Fed chair, a development it said should further lift gold prices.

Kursiv also reports that Uzbekistan’s gold exports reached $9.9 bn in 2025.

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