Gold prices rose on Friday, January 23, 2026, with the spot price of bullion climbing to $4,988 per ounce, while futures contracts hit a record high of $4,989.54 per ounce. Silver also reached a new peak, surpassing $101 per ounce.
This strong rise was driven by several key factors, most notably the following:
Central bank policies: Interest rate cuts support gold.
Markets are pricing in at least two interest rate cuts by the Federal Reserve during 2026, which has reduced the opportunity cost of holding gold and boosted its investment appeal amid a weakening US dollar.
The latest US employment data also came in weaker than expected, with only 50,000 jobs added in December compared to expectations of 66,000, which strengthened bets on monetary easing and supported the rise in gold.