Gold News: Fresh All-Time High as Safe-Haven Rally Targets $5,000 Milestone

Gold Hits Fresh Record Above $4,967 as Investors Flee U.S. Assets

Spot gold futures hit another all-time high at $4,967.52 early Friday, inching closer to the much-watched $5,000 level. The metal is also sharply higher for the week as a perfect storm of geopolitical chaos and fading confidence in U.S. assets drives this record-breaking flight to safety.

At 14:25 GMT, XAUUSD is trading $4944.93, up $8.86 or +0.18%.

From Monday’s Selloff to Friday’s Safe-Haven Stampede

To understand what’s happening in gold right now, you need to rewind to Monday. What started as a headline-driven selloff in U.S. stocks has snowballed into a full-blown shift toward traditional safe havens, with gold as the clear winner in this risk-off move.

According to Reuters, the trouble stems from several things hitting markets all at once. Trade war threats are back, there’s diplomatic confusion over Greenland, and investors are getting nervous about holding U.S. government debt and other dollar-based investments. Gold is benefiting this week because people want protection from the volatility.

Why Gold Is Winning Right Now

The reasons behind gold’s surge are actually pretty straightforward. The dollar has been selling off, which makes gold cheaper for buyers outside the U.S., ramping up demand. Meanwhile, traders are betting the Federal Reserve will cut interest rates later this year. That matters because lower rates make holding gold—which pays no interest—less expensive in terms of opportunity cost. Since early 2025, all this Fed dovish talk has created a favorable setup for gold to rally.

Central Banks Are All In—And Davos Made It Worse

Beyond the short-term factors, central banks worldwide, especially in emerging markets, are aggressively reducing U.S. asset exposure and building gold positions instead. President Trump’s Davos remarks about Greenland this week only accelerated that trend.

Goldman Sachs just raised its 2026 gold target to $5,400 an ounce, pointing to both this central bank buying and strong demand from individual investors through ETFs.

The Race to $5,000—And Possibly Beyond

Heading into Friday’s session, $5,000—once viewed as a major speculative target—is now within reach. And the momentum suggests gold might not stop there either, since these kinds of bullish drivers don’t disappear overnight.

This Rally Is Different From Past Gold Runs

The charts are backing up the story too. Gold keeps making higher highs and higher lows, which is textbook uptrend behavior. But here’s what makes this rally different: it’s not primarily about inflation fears or worries about currencies losing value. This surge is happening because investors are losing confidence in stocks, bonds, and even major currencies themselves.

As markets continue adjusting to fiscal stress and growing uncertainty, gold’s status as the ultimate safe haven looks firmly established, suggesting this rally still has room to run.

Trader Hesitation Just Below the Big Round Number

Technical analysis shows a choppy trade so far on Friday, which suggests general caution just under $5,000. It’s almost as if some traders are hesitant to push through that big round number out of fear it could mark a major top.

This is understandable, however, because the daily chart pattern does suggest a market that is getting extended as it pulls away from its guidance, the trendline at $4,655.79.

Even if there is a correction back to the trendline due to overbought conditions and profit-taking, given this strong combination of bullish short-term and long-term fundamentals, there is likely to be a buyer waiting to re-enter.

More Information in our Economic Calendar.