Gold tops $5,000 an ounce globally: What’s the next milestone?

• Gold hit a record $5,091 per ounce on Comex amid rising geopolitical tensions
• Analysts predict gold may hit $5,550 mid-term and $7,000 per ounce long-term.
• Gold outlook supported by safe-haven demand, central bank buying, and easing policies.

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Gold scaled to a historic high on January 26, crossing the $5,000 mark for the first time on Comex, and peaked at $5,091 per ounce, as geopolitical tensions heightened amid uncertainty that reignited safe-haven demand for the metal.

The domestic futures price of gold closed the Friday session at Rs 1,55,963 per 10 grams of 24-carat purity on MCX. The price hit the record Rs 1,58,899 per 10 grams on January 23, 2026.

The current rally has been driven by the likelihood of another rate cut by the US Federal Reserve, further lowering the opportunity cost of holding non-yielding assets like gold.

The latest surge in gold prices improved in the aftermath of fresh tensions between the US and NATO over Greenland. The ongoing crisis in Ukraine and Gaza, and the US capture of the Venezuelan President, have also kept the price of gold high. On Saturday, the US President threatened a 100 percent tariff on Canada if it strikes a trade deal with China.

Market sentiment also improved with heightened expectations of monetary easing as Trump is expected to appoint the next Fed Chair, with markets pricing in a more dovish candidate.

Gold price outlook

Commodity analysts now predict the price of yellow metal to hit $5,550 and up to $7,000 per ounce in the long term.

"Gold prices are trading at multi‑year highs, reflecting robust investor demand amid geopolitical and macro risks. In the short to mid term, gold is expected to climb another 10–20 percent, supported by persistent safe‑haven flows, continued central bank accumulation, and broad ETF inflows,” said Justin Khoo, Senior Market Analyst - APAC, VT Market, an online trading platform.

Renisha Chainani, Head of Research at Augmont, also agrees that the price of gold in the short-to mid-term will likely remain firm with an upside bias. “Prices could move toward $5,500, with interim consolidation along the way.”

Citing Fibonacci extension analysis, Apurva Sheth, Head of Market Research at Samco Securities, said that the next major target zone near $7,040 indicates further upside potential as the cycle progresses.

“Looking ahead, while interim consolidations are natural after a strong run-up, the broader setup suggests gold remains well-positioned over the coming years. Overall, gold continues to behave as a reliable long-term portfolio anchor, rather than a short-term trade,” Sheth said.

Indeed, with real yields still muted amid geopolitical uncertainties, gold is likely to stay on an upward path. A softer dollar, rising global debt, and continued central-bank buying should also keep the yellow metal well supported.