Gold extended a record rally on Jan 26, surging past $5,100 as central banks and investors sought refuge from geopolitical risks and Trump‑induced market volatility, Reuters reported. Spot gold rose 2.1% to $5,087.39 an ounce by 10:30 GMT after touching a record $5,110.50; U.S. gold futures for February delivery were quoted at $5,085.60.

  • Record price: $5,110.50 per ounce (intraday high)
  • Spot price by 10:30 GMT: $5,087.39/oz (up 2.1%)
  • U.S. futures (Feb delivery): $5,085.60
  • Date and source: Jan 26, Reuters (Swati Verma)
  • Primary drivers cited: central‑bank and investor safe‑haven demand, geopolitical risks, Trump‑related market volatility

Context: Safe‑haven demand and portfolio rebalancing

The move reflects a classic flight‑to‑safety dynamic: market participants shifted capital into the yellow metal amid elevated political and market uncertainty. The brisk advance — recorded in both spot and near‑dated futures — underscores gold’s role as an alternative store of value when volatility spikes. For asset managers and allocators, the episode is a liquidity event rather than a routine market oscillation; prices reaching the $5,100 area compress conventional valuation anchors and force reassessment of hedging costs.

Impact for the US market: inventory, pricing and positioning

U.S. wholesalers, bullion dealers and jewellery retailers will see immediate margin and inventory implications. Elevated spot and futures levels widen spreads for inventory carried in dollars and increase replacement costs for physical stock. Retailers who source spot‑priced gold or offer bullion should expect higher procurement prices and may adjust assortment and lead times; online platforms and auction houses will need to refresh listing guidance to reflect the record intraday prints. For investors, the move signals intensified demand pressure and raises questions about short‑term liquidity rather than long‑term structural demand.

Reuters/Swati Verma provided the pricing data for this report on Jan 26.

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