A sign advertises for gold in a window and a sandwich board on the street in Manhattan in New York City, USA.

Photograph: Getty Images

Jan 27th 2026|New York|3 min read

BAD NEWS is good news for the price of gold. These days good news is good news, too. As President Donald Trump’s threats against America’s European allies intensified, the price of the yellow metal surged. When he abandoned those threats, it kept rising. It is already up by more than 17% this year, rising to above $5,000 per ounce for the first time ever on January 26th. It is not February yet and gold has already shot through many analysts’ forecasts for the end of 2026.

Signage for Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc. (MHFG), at one of the bank's branches in Tokyo, Japan.

What is driving gold’s relentless rally?