Gold surged past $5,300 an ounce for the first time on January 28, buoyed by a sharp slide in the U.S. dollar toward levels last seen nearly four years ago, according to market data cited by Reuters. The Democratic Republic of Congo says it intends to capitalize on the rally this year.
On the spot market, gold climbed 2.3% to $5,305.65 an ounce in morning trading, after touching an all-time high of $5,311.31. Since the start of 2026, the metal has gained more than 20%. U.S. gold futures for February delivery rose 4.3% to $5,301.90 an ounce.
In the DRC, the state-owned firm Congo Gold Trading expects to ship up to 18 tonnes of gold bullion this year, its chief executive Joseph Kazibaziba said. “With gold continuing to set successive records in a rally that has more than doubled prices over two years, exports could be worth nearly $3 billion,” Bloomberg reported.
A Dollar Under Pressure
The surge in gold prices has been driven largely by weakness in the dollar, which analysts describe as facing a “crisis of confidence,” Reuters said. The U.S. currency hovered near a four-year low after President Donald Trump said the dollar’s value was “great” when asked about its recent decline.
“Gold’s rise reflects its very strong inverse correlation with the dollar and President Trump’s remarks, which imply a broad-based consensus within the White House for a weaker greenback going forward,” said Kelvin Wong, a senior market analyst at OANDA, quoted by Reuters.
Markets are also bracing for comments from Federal Reserve Chair Jerome Powell, amid tensions between the Fed’s mandate and White House pressure on monetary policy. “Investors are turning defensive ahead of Powell’s remarks,” said Ilya Spivak, head of global macro at Tastylive.
Looking ahead, Deutsche Bank said gold could reach $6,000 an ounce in 2026, citing sustained investment demand from central banks and investors increasing exposure to tangible assets not denominated in dollars.M&B with Reuters and Bloomberg
