Last Updated on January 28, 2026 by Deon
The history books are being rewritten every single day. Gold price hits $5,300 On Wednesday the 28th of January 2026 Gold (XAU/USD) extended its record winning streak to eight days after breaking above another $5,300 per troy ounce.The metal jumped to a new all-time top at $5,311 in European trade and last stood at around $5,280 as traders took stock. With prices soaring 22 percent just this month, the “yellow metal” is the center of the financial universe.
The ’Greenland’ Factor & NATO Tensions
In one of the most bizarre urge on market fears, President Trump’s dream of purchasing Greenland has sent tremors throughout NATO. Since Mr. Trump backÂed down from a threat of sweeping tariffs on European allies in return for a “ framework deal” on the territory, trust within the alliance has been shaky. It’s this kind of geopolitical uncertainty which is a classic driver for Gold as investors tend to gravitate toward instruments that aren’t reliant on international treaties or political goodwill.
A New Trade War: The Canada Tariff, 100%
Tensions at home are also contributing to the fire. And Prime Minister Mark Carney is pushing for a multilateral agreement, albeit one involving Chinese electric vehicles, despite President Trump’s warning of 100% tariffs on all Canadian imports if Canada goes ahead with such a pact.
The Dispute: Trump called Canada a “Drop Off Port” for Chinese goods.
Market Reaction : Fears of a broken North American trade block are cracking crude which saw the Canadian Dollar drained lower and additionally shaking up the Greenback, where only bullion remains the “safe” way to go.
Stalemate in Abu Dhabi
Beyond the scale, prospects that the war between Russia and Ukraine could be resolved quickly dimmed on the world stage this week. Three-way peace talks in Abu Dhabi, mediated by the U.S., broke up on Saturday without an agreement. Ukraine reportedly refused Russia’s hard-line demand for the entire Donbas region. Indeed, with no prospect of the war ending any time soon (after nearly four years), gold remains a big winner as the ultimate geopolitical insurance policy.
The Fed’s “Independence” Under Fire
The focus now is on the Fed interest rate decision at 19:00 GMT today. But the real story is about the pressure on the Fed itself. President Trump hasn’t been any help, indicating his readiness to announce “a very good and talented” new leader of the Fed to replace Powell, while saying with unusual candor that “rates will come down a lot” under new management. This “assault on the independence of the Fed,” as it is being spun, has resulted in a “crisis of confidence” in the American Dollar, which traded at 4-year lows this week.
