Gold breaks through $4910 to hit a new all-time high, and the market is still eyeing $5000

Spot gold broke through $4910/oz in the early hours of January 23, setting a new all-time high. As of the latest news, the gold price is at $4913/oz, with an intraday increase of 1.73%. This breakthrough marks a strong rally in gold within just three days, from first surpassing $4700 on January 20 to now breaking the $4900 mark. The rapid rise has attracted market attention.

Over $200 increase in three days, gold trend soars

The recent price evolution of gold has been remarkably swift:

From $4700 to $4910, gold has risen by over $200 in just three days, with a nearly 4.5% increase. Notably, even with a 1% intraday decline on January 22, gold only experienced a brief pullback before quickly rebounding to a higher new high. Behind this rapid surge are multiple factors working together.

Geopolitical tensions and trade frictions intensify risk aversion

The surge in gold prices is not without cause. According to the latest news, the main factors driving this round of gains include:

• Trump’s tariff policy escalation: U.S. President Trump threatened to impose tariffs on several European countries, with tariffs on French wine and champagne reaching up to 200%, while also strengthening stance on Greenland issues
• Deterioration of global trade situation: Tensions between the U.S. and Europe, EU considering countermeasures, increasing global trade risks
• Geopolitical risks: Diplomatic frictions between the U.S. and countries like Venezuela and Denmark continue to escalate, boosting global risk aversion demand
• Central bank and institutional support: Central banks worldwide continue to buy gold regardless of price, and gold funds still have room to increase holdings after year-end capital inflows

These factors collectively drive funds into traditional safe-haven assets like gold. Meanwhile, the cryptocurrency market shows divergence, with Bitcoin falling below $92,000 during the same period, indicating a clear decline in market risk appetite.

Silver also strengthens, market sentiment clearly warming

The strong rise in gold is not an isolated phenomenon. Spot silver also hit a new all-time high during the same period, touching $94.72/oz in early trading. Although silver experienced a 2.15% decline on January 22, it remains at a historically high level overall. The broad strength of precious metals reflects a warming of market risk aversion sentiment.

Market expectations point to $5000

What do analysts say?

Market analysts believe that the upward trend in gold is not a flash in the pan. According to the latest news, analysts from institutions like State Street believe there is nearly a 40% chance that gold prices will reach $5000 within the next six to nine months. Even if there is some consolidation for a month or two in the short term, it will not change the long-term upward trend.

This outlook is supported by multiple factors: geopolitical risks are unlikely to be resolved in the short term, global trade frictions continue to escalate, central banks are persistently buying gold, and the high levels of U.S. stocks highlight gold’s safe-haven attributes.

Summary

Spot gold has broken through $4910 to hit a new all-time high, with a cumulative increase of over 10% this month. The current rally is driven by worsening geopolitical and trade policies, rising risk aversion, and continuous capital inflows into precious metals. The simultaneous strength of silver further confirms this trend. The market generally expects gold to continue rising, with $5000 becoming the next key target. However, investors should also be aware of potential short-term volatility and corrections, though the long-term trend remains upward.