Precious Metals Report
Thursday, January 29, 2026
Historic Rally Continues: Gold and Silver Smash Records Amid Market Uncertainty
Gold:$5,520/oz (+$252 from yesterday)
Silver:$119.47/oz (+$5.38 from yesterday)
Platinum:Record highs amid supply constraints
Precious metals extended their extraordinary rally today, with gold surging past $5,500 per ounce and silver hitting a fresh all-time high near $120. The moves mark a continuation of what has become one of the most powerful precious metals rallies in modern history, driven by a confluence of economic uncertainty, geopolitical tensions, and shifting monetary policy expectations.
Gold has now gained over $2,761 compared to one year ago, representing a staggering increase of more than 25% since early 2025. Silver's performance has been even more dramatic, with the white metal up approximately 270% year-over-year and posting a remarkable 65% gain in January alone. Citigroup analysts are calling silver "gold on steroids" and project prices could reach $150 per ounce within three months.
The Federal Reserve held interest rates steady at its first meeting of 2026, maintaining the benchmark rate between 3.5% and 3.75%. Chair Jerome Powell struck an optimistic tone about the economy but declined to provide clear guidance on future rate cuts, creating continued uncertainty that has benefited safe-haven assets. The dollar's slide to four-year lows has further amplified precious metals' appeal, while ongoing tensions in the Middle East and political pressure on Fed independence have kept investors seeking shelter in gold and silver.
Market analysts note that while the rally has been extraordinary, some caution is warranted. The pace of gains has been unprecedented, and several experts are warning about potential bubble risks and the possibility of a sharp correction if sentiment shifts. However, fundamental drivers, including supply constraints, robust central bank buying, and sustained ETF inflows, continue to support the upward trajectory.
Featured Articles
1. Current Price of Gold: January 29, 2026
Gold is trading at $5,520 per ounce as of this morning, up $252 from yesterday. The article provides comprehensive analysis of gold's performance, noting that prices have surged to record highs driven by inflation concerns and market uncertainty. Many experts view this as an opportune time to add gold for portfolio diversification, especially amid today's volatile market conditions.
2. Why Silver Is Surging With Gold and Why Citi Predicts $150 Price in 2026
Silver hit a fresh all-time high of $120 per ounce today, extending its extraordinary rally to 65% in January alone. The article explores the key drivers behind silver's surge, including dollar weakness, Chinese buying momentum, export restrictions, and robust industrial demand from AI infrastructure, solar panels, and electric vehicles. Citigroup's bold forecast predicts silver will reach $150 within three months.
3. Gold Price Breaks Above US$5,300 as Fed Holds Rates Steady
Analysis of the Federal Reserve's latest policy decision and its impact on precious metals markets. The Fed maintained its benchmark interest rate at 3.5 to 3.75 percent, citing balanced tension between the labor market and inflation. The article examines the political dynamics surrounding Fed independence and Chair Jerome Powell's upcoming term expiration in May 2026, which are contributing to market uncertainty and supporting gold prices.
4. Silver Price Hits $120 on 29 January: Is a Crash Coming? Analysts Warn of Rising Bubble Risks
Silver broke the $120 barrier today after a historic rally, but bubble warnings are raising concerns about volatility and potential near-term corrections. The article examines the 300% year-over-year gain and the 30 million ounce global supply shortfall that has strained markets. Physical silver demand has surged more than 500% for 1kg bars since late 2025, making this one of the most aggressive commodity breakouts in financial market history.
The precious metals market continues to demonstrate remarkable strength, though investors should remain mindful of elevated volatility and the potential for sharp reversals. As always, precious metals should constitute a balanced portion of a diversified portfolio, typically capped at 10-15% of total holdings.
Precious Metals Report © 2026
This newsletter is for informational purposes only and does not constitute investment advice.