Global spot gold prices surged, driven by geopolitical and economic instability, along with expectations of interest rate cuts from the US Federal Reserve (Fed). Closing trading on 14/1, gold prices rose by 41 USD to 4,626 USD per ounce, having temporarily set a new record at 4,641 USD during the session. On the morning of 15/1, prices were 4,613 USD.

These market conditions are leading investors to seek safe-haven assets. Precious metals, particularly gold, tend to perform well when interest rates decline, a scenario anticipated as the Fed considers easing its monetary policy.

Global gold prices set a new record during the 14/1 trading session. Chart: Kitco.

Silver prices also experienced a notable increase, rising 5,2% to 91,46 USD per ounce. The metal briefly touched a record high of 92,23 USD during the session. Alex Ebkarian, COO of Allegiance Gold, projected a short-term forecast for silver to reach 100-144 USD. He highlighted that current factors are favorable for both gold and silver, citing diverse buyer demand and a market in an upward cycle.

Heightened geopolitical tensions contribute to market uncertainty. Iran has issued warnings to neighboring countries that host US troops, stating that Tehran would attack US bases if Washington intervenes in its affairs. Separately, ministers from Denmark and Greenland are scheduled to meet US Vice President JD Vance, following US President Donald Trump's renewed interest in controlling Greenland.

Economic data from the US also plays a role in market sentiment. Recent figures indicate that US retail sales surpassed forecasts in 11/2025, and the producer price index (PPI) also exceeded expectations. Conversely, the core consumer price index (CPI) for 12 was weaker than predicted. Investors are currently betting on the Fed cutting interest rates two times this year.

Concerns about the Fed's independence persist within the market. This week, central bank leaders worldwide voiced support for US Federal Reserve (Fed) Chair Jerome Powell, after a criminal investigation by the Trump administration against him.

Beyond gold and silver, other precious metals also saw price increases. Closing trading on 15/1, platinum rose 2,4% to 2,379 USD per ounce, and palladium increased 1,3% to 1,862 USD.

Ha Thu (according to Reuters)