Gold prices on January 25, 2026 continued to send shockwaves through global markets as the precious metal surged toward the symbolic $5,000 per ounce level, a price point never before seen in modern financial history. The powerful rally reflects not only heightened demand for safe-haven assets, but also deeper structural shifts within the global economic and financial system.
In Vietnam, SJC gold bar prices jumped to VND 174.3 million per tael, establishing a new domestic benchmark and widening the gap with international prices. Many analysts believe gold still has room to rise before any meaningful correction emerges.
By the end of the week, spot gold settled at $4,985 per ounce, just a stone’s throw from the historic $5,000 mark. Meanwhile, February 2026 gold futures on the New York Comex traded around $4,983 per ounce.
Gold’s relentless ascent comes as global investors continue to increase allocations to defensive assets, amid unresolved systemic risks ranging from geopolitics and fiscal sustainability to monetary policy uncertainty.
According to Ole Hansen, Head of Commodity Strategy at Saxo Bank, current macroeconomic conditions remain decisively supportive of gold. In particular, steady purchasing by central banks continues to serve as a key pillar underpinning the metal’s long-term uptrend.
One of the primary drivers behind gold’s surge is the declining confidence in fiscal discipline across major economies. Prolonged borrowing, persistent budget deficits, and growing doubts over the long-term sustainability of public debt have reinforced gold’s role as an irreplaceable reserve diversification tool.
Against this backdrop, central banks—especially in emerging markets—have maintained aggressive gold accumulation strategies despite elevated prices. This trend suggests that gold is no longer viewed merely as a short-term investment asset, but is increasingly reclaiming its status as a core pillar of the global financial system.
Recent geopolitical tensions have shown signs of easing after U.S. President Donald Trump ruled out military action to annex Greenland from Denmark. However, diplomatic pressure on the European Union continues, particularly regarding competing claims over the strategically important Arctic territory.
While these developments have not escalated into military conflict, they are sufficient to sustain a state of heightened uncertainty in global financial markets—an environment that historically favors gold.
One notable consequence has been a reassessment by European investment funds and pension schemes of their exposure to U.S. assets, particularly government bonds.
Denmark’s AkademikerPension announced plans to sell approximately $100 million in U.S. Treasuries before the end of the month, citing concerns over Washington’s rapidly expanding public debt. The move underscores growing unease among long-term investors regarding fiscal risks in the world’s largest economy.
Looking ahead, the upcoming Federal Reserve policy meeting is set to dominate market attention. While investors do not expect an immediate interest rate change, any signals regarding future policy direction could have a significant impact on gold prices.
Recent data indicate that U.S. inflation remains sticky, while economic activity and labor market conditions continue to show resilience. This has reduced the urgency for the Fed to loosen monetary policy, even as markets continue to price in potential rate cuts later in the year.
According to CME FedWatch, the probability of a rate cut before June remains low. Nevertheless, gold has demonstrated an ability to overcome traditional headwinds in a stable-rate environment, supported by its role as both a safe haven and a hedge against currency debasement.
In the domestic market, gold prices on January 25, 2026 extended their sharp rally. On January 24, SJC gold bars rose by VND 2.1 million per tael on both buying and selling sides, trading at VND 172.3–174.3 million per tael.
Compared with the previous week, SJC gold prices have increased by a total of VND 11.5 million per tael, highlighting the extraordinary heat of the market.
Gold ring prices also recorded notable gains:
SJC gold rings (1–5 taels): VND 170.5–173 million per tael
DOJI 9999 gold rings: VND 170–173 million per tael
Bao Tin Minh Chau plain gold rings: VND 171.3–174.3 million per tael
Neil Welsh, Head of Metals at Britannia Global Markets, noted that while gold’s rapid ascent may feel “overheated” to some investors, the rally is fundamentally justified when viewed in the broader economic and geopolitical context.
He emphasized that central banks are likely to continue buying gold regardless of short-term price fluctuations, as their long-term objectives remain centered on reserve protection and reducing reliance on fiat currencies. At the same time, portfolio managers are increasingly reallocating assets toward precious metals to adapt to the structural shifts reshaping the global economy.
Gold’s approach toward the $5,000 per ounce milestone carries significance beyond mere price levels. It signals a profound shift in global investment thinking and asset management strategies. Amid persistent geopolitical uncertainty, mounting public debt, and lingering doubts over currency stability, gold is steadily reasserting itself as a cornerstone of confidence within the global financial system.
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