Premiere: Gold price exceeds $5,100 per ounce

The price of gold rose sharply yesterday on foreign markets, reaching a record high of over $5,100 per ounce for the first time, as investors turned to this safe haven asset, amid increasing global geopolitical uncertainties.

Recall that tensions over Greenland and Iran have recently affected investor confidence, which is fueling investments in the yellow metal.

The spot gold price rose by 2.2% in the first part of yesterday, reaching $5,089.78 per ounce, after previously reaching a historical high of $5,110.50/ounce, according to aljazeera.com. Gold futures for April delivery were up 2% at $5,118.30 an ounce on the Comex division of the New York Mercantile Exchange at 8:16 a.m., according to Bloomberg data.

The metal has surged 64% in 2025, its biggest annual gain since 1979, driven by safe-haven demand, U.S. monetary easing, robust central bank purchases and record inflows into exchange-traded funds (ETFs).

Gold has hit back-to-back records in the past week and is already up more than 18% this year.

• Global trade disruptions drive gold price

The continued rise in gold prices comes as the most disruptive trade war since the 1930s, sparked by US President Donald Trump, has disrupted supply chains and increased business costs, notes aljazeera.com. Since taking office in January last year, the Trump administration has imposed tariffs on both rivals and allies. Most countries are struggling with high tariffs. Trump has also been accused of using tariffs as a weapon for geopolitical gains.

Over the weekend, the US leader said he would impose a 100% tariff on Canada, after previously threatening to impose 200% tariffs on French wines and champagne, in an apparent effort to pressure French President Emmanuel Macron to join his "Gaza Peace Council” initiative.

• Next gold threshold - $6,000 per ounce in 2026?

Gold could hit $6,000 per ounce this year amid geopolitical risks and rising debt levels, analysts say.

Michael Hartnett, an analyst at Bank of America, recently wrote in a note to clients, quoted by sadanews.ps: "History is no guide to the future, but the average increase in the price of gold over four cycles has been about 300% over 43 months, which means that the price of gold could reach $6,000 by spring.” Thus, according to Hartnett's forecasts, the price of gold could soon rise by more than 20% from current historical highs. His expectations reflect growing optimism about gold, supported by central bank purchases, supply dynamics and investors seeking protection against currency risks, although the $6,000 level is significantly higher than most analysts' forecasts.

On January 5, Michael Widmer, head of metals research at Bank of America, said that gold will remain a key asset in investors' portfolios this year. Widmer said, "Gold continues to stand out as a hedge and a source of additional returns.”

Bank of America believes that tightening market conditions and sensitivity to strong earnings make gold a key hedge and a potential driver of returns in 2026.

Bank of America's 2026 forecast is based on expectations of falling supply and rising costs in the gold sector. Widmer predicted that the 13 largest gold miners in North America will produce 19.2 million ounces this year, down 2% from 2025, adding that most market forecasts for production are too optimistic.