Overview
- Comex April gold futures set a fresh peak above $5,300 per ounce on January 28 after first crossing $5,200 earlier the same morning, marking a new all‑time high.
- Silver surged to $114.73 per ounce on Comex after first exceeding $110 on January 26, and platinum recently hit a record near $2,897 per ounce.
- The rally has been volatile, with the prior session showing a pullback of roughly 0.5% to 10% across major precious‑metal futures, according to NYMEX/Comex data.
- Market commentary links the gains to heightened geopolitical risks, a softer dollar, robust central‑bank buying, and industrial supply deficits, with analysts also pointing to stresses in Japan’s bond market.
- Outlooks flag elevated prices with swings: Roscongress projects gold near $4,900–$5,000 by end‑2026, while BCS’s Alexander Shepelev sees potential for $6,000 this year and even $10,000 within 3–4 years, with sizable corrections possible; in Russia, the central bank’s gold price per gram topped 12,000 rubles.