Gold prices surged to about RM 635 per gram, on Monday (Jan 26), extending a historic rally as investors flocked to the safe‑haven asset amid rising geopolitical tensions.
By 23:21 GMT, spot gold had climbed nearly 1% to around US$5,030 per ounce, which equates to roughly **RM 19,700 per ounce or about RM 635 per gram based on recent exchange and gold price data.
Gold futures for February delivery also rose over 1%, reflecting strong demand for the precious metal as uncertainty grows.
Independent analyst Ross Norman said, “Our forecast for the year is that gold will see a high of around US$6,400 per ounce with an average of about US$5,375,” suggesting further upside in prices amid ongoing market volatility.
Geopolitical tensions — including escalating friction between the United States and NATO over Greenland — have added fresh momentum to gold’s advance this year, as investors brace for more financial and geopolitical uncertainty.
On the global front, talks between Ukraine and Russia in Abu Dhabi ended without a deal after two days, though further negotiations are expected, even as Russian airstrikes left over a million Ukrainians without power amid freezing winter weather.
Adding to market uncertainty, former U.S. President Donald Trump announced plans to impose a 100% tariff on Canada if it proceeds with a trade deal with China, warning that such an agreement could harm his country’s interests.
Gold posted a dramatic rally in 2025, soaring around 64% thanks to U.S. monetary policy easing, strong central bank demand — including an extended buying streak by China — and record inflows into gold exchange‑traded funds.
Other precious metals also saw gains: spot silver climbed to about US$105 per ounce, approaching circuit high territory, while palladium rose moderately and platinum dipped slightly.
Silver, in particular, recently crossed US$100 per ounce for the first time, building on a 147% rise last year as retail and momentum‑driven buying combined with tight physical supply conditions.
