The price of $XAU is approximately
$4,940.90 per ounce as of today, January 23, 2026, after hitting a new record high of over $4,967 earlier in the day. The outlook for the metal remains broadly bullish, with analysts citing geopolitical uncertainty, strong central bank demand, and potential US interest rate cuts as key drivers.
Key Insights
Record Highs: Gold prices have seen continuous gains, rising by approximately 14% since the start of 2026, following a historic surge in 2025 where prices climbed more than 55%.
Price Forecasts: Several institutions are bullish on gold's future. J.P. Morgan expects prices to push toward $5,000/oz by the end of 2026, while Goldman Sachs has raised its year-end forecast to $5,400/oz.
Driving Factors: The rally is primarily driven by:
Geopolitical Instability: Events such as trade tensions and global conflicts increase demand for safe-haven assets.
Central Bank and Investor Demand: Central banks, especially in emerging markets, continue to accumulate gold at historically high levels to diversify their reserves away from the US dollar.
Monetary Policy Expectations: Expectations of future US interest rate cuts make non-yielding assets like gold more attractive, as lower rates reduce the opportunity cost of holding the metal.
XAUUSDTPerp5,033.6+0.42%