Gold Price Surges to Record Highs Ahead of Fed

Gold price rallied as U.S. dollar weakness and safe-haven flows pushed bullion and silver higher, prompting traders to price more upside into metals.

January 28, 2026·2 min read
View all news articles
Flat vector gold ingot buoyed by a soft lift on a cobalt-silver gradient reflecting the gold price rally.

KEY TAKEAWAYS

  • Spot gold reached $5,277.01 per troy ounce, marking record highs.
  • U.S. dollar weakness and safe-haven flows underpinned the metals rally.
  • The Fed's expected hold and Powell remarks could determine the rally's next leg.

HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX

Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.

Or subscribe with

On Jan. 28, 2026, the gold price climbed to record levels as a weak U.S. dollar and increased safe-haven demand pushed investors into bullion ahead of the Federal Reserve's policy meeting and decision.

Record Prices and Market Drivers

Spot gold reached $5,277.01 per troy ounce on Jan. 28, rising 1.9% that day, about 21.8% over the prior month, and roughly 91.2% year-on-year. The metal hit an intraday high of $5,311 late in the session, following earlier gains the day before. Year-to-date, gold had gained about 17.0% as of Jan. 28. The silver price rose above $116 per ounce on COMEX, with traders noting resistance near $117, support around $111, and interest in a move toward $120.

The rally reflected U.S. dollar weakness after the dollar index broke a long-term support level, driving flows into safe-haven assets. Trade tensions, heightened geopolitical risks, ongoing central-bank purchases, and sustained exchange-traded fund (ETF) inflows also supported the metals’ advance.

Federal Reserve Meeting and Outlook

The Federal Reserve was expected to hold the federal-funds rate in a 3.5%–3.75% range at its 2:00 p.m. ET announcement on Jan. 28, with Chair Jerome Powell scheduled to speak at 2:30 p.m. ET. Twelve of 19 Federal Open Market Committee members signaled support for at least one rate cut in 2026, and most economists forecast two reductions beginning around June.

Political and policy pressures have added a risk premium to bullion. A Department of Justice inquiry related to a $2.5 billion Fed building renovation led to subpoenas received on Jan. 11. The Supreme Court also heard arguments in a challenge to the attempted removal of a Fed governor, with legal observers expecting the governor to remain. President Trump is expected to name a successor when Powell’s term ends in May 2026, with names circulating including Kevin Hassett, Christopher Waller, Kevin Warsh, and Rick Rieder. These developments have intensified public debate over Fed independence amid calls for easier policy.

Major banks forecast gold could surpass $6,000 by year-end 2026 if dollar weakness persists and prospects for policy easing increase. An economic outlook projected spot gold near $5,045.82 at the end of the first quarter and about $5,312.36 a year later. Philadelphia Fed President Paulson said modest rate adjustments later in 2026 could follow if inflation moderates, the labor market stabilizes, and growth remains near 2.0%.

The Fed’s decision and Powell’s remarks will test whether the metals rally continues, with investors watching for any shift in the timing or scope of future easing that could affect demand for bullion and related funds.

HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX

Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.

Or subscribe with

Read other top news stories

Trump Media Interim CEO Kevin McGurn Named

Trump Media Interim CEO Kevin McGurn Named

Trump Media Interim CEO Kevin McGurn took the role April 21, 2026 and his interim status raises leadership and deal risk around the $6 billion merger.

SpaceX Cursor Acquisition Option Raises IPO Stakes

SpaceX Cursor Acquisition Option Raises IPO Stakes

SpaceX Cursor acquisition option pairs Cursor's developer reach with Colossus compute and could force IPO disclosure, shifting investor positioning.

Trump Spirit Airlines Aid Suggests Federal Help

Trump Spirit Airlines Aid Suggests Federal Help

Trump Spirit Airlines aid comments could pull the White House into a possible Spirit rescue, raising regulatory scrutiny and reshaping rescue talks.

Tesla Q1 2026 Earnings Margins and Inventory Risk

Tesla Q1 2026 Earnings Margins and Inventory Risk

Tesla Q1 2026 earnings preview sees automotive gross margin and a 50,363-unit inventory gap as low implied volatility may limit post-earnings moves.

Tractor Supply Earnings Fall; CEO Urges Action

Tractor Supply Earnings Fall; CEO Urges Action

Tractor Supply earnings showed weaker Q1 profitability and reaffirmed FY2026 guidance, leaving execution the near-term test for traders.

GE Aerospace Q1 Earnings Beat, Guidance Held

GE Aerospace Q1 Earnings Beat, Guidance Held

GE Aerospace Q1 earnings beat with strong orders; held 2026 EPS guide while warning higher jet fuel and geopolitical risk could hurt airline demand.