Gold prices have surged to record highs in early January 2026, with spot prices reaching an all-time peak of $4,629.94 per ounce. The precious metal has maintained its upward momentum, trading firmly above the mid-$4,400 range and extending gains from a steady advance that began in late 2025.
Market analysts and forecasting platforms are now projecting a continued climb. CoinCodex models indicate gold could test the $5,000 per ounce zone in early 2026, based on a broader uptrend that developed through the second half of 2025. The forecast suggests consolidation near recent highs before further attempts to reach this key psychological level.
Technical analysis supports the bullish outlook. An Elliott Wave structure analysis of the XAU/USD chart shows gold advancing within a well-defined rising channel, with price action respecting higher lows. The pattern points toward higher targets in the upper $4,700 area, with an invalidation level set near the mid-$4,500 range.
The rally is primarily driven by geopolitical tensions and robust central bank purchases. Gold saw a 64% increase in 2025 and a further 7.33% monthly surge in early 2026, underscoring its role as a safe-haven asset. Tim Waterer, Chief Market Analyst at KCM Trade, stated, "Should current geopolitical risks persist and US rate-cutting expectations remain intact, gold may attempt a more sustained breach of $4,600 in the coming weeks."
Additional support comes from ETF inflows and market patterns that resemble the previous peak of $4,794.85 reached in December 2025. Ross Norman, an Independent Precious Metals Analyst, emphasized, "Real assets come to the fore in the kind of environment we’re looking at," highlighting the broader economic context favoring tangible assets like gold.
