Gold jumps past $5,100 as investors weigh U.S. shutdown worries and tariff risks

A rush to safety lifts precious metals

Precious metals climbed sharply on Monday, January 26, 2026, with gold breaking above $5,100 per ounce and silver also setting a fresh record. Traders attributed the move to a cocktail of anxiety: rising concern about political dysfunction in Washington, renewed trade-war rhetoric, and broader global uncertainty that tends to steer money toward “safe haven” assets. ([theguardian.com](https://www.theguardian.com/business/live/2026/jan/26/gold-silver-record-tariff-us-shutdown-ryanair-fares-fears-business-live--?utm_source=openai))

The rally in metals unfolded alongside a steadier tone in equities. Wall Street’s major indexes posted gains, but the strong bid for gold suggested that many investors still want insurance against policy surprises—especially with the Federal Reserve meeting and a wave of high-profile earnings reports ahead. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

Tariff threats add to market stress

The trade narrative remained central. President Donald Trump threatened to impose a 100% tariff on Canadian goods if Canada moves forward with a free-trade deal with China, escalating uncertainty for businesses that depend on cross-border supply chains and predictable trade rules. Even when tariffs are only threatened, companies can delay investment or stockpile inventory, and markets can reprice risk quickly. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

Currency and rates expectations also played a role. In the U.S., traders looked toward the Fed’s upcoming decision, where the consensus expectation is no change, but where guidance and tone can alter forecasts for borrowing costs. In the background, dollar weakness and volatility in other major currencies reinforced demand for assets like gold that are often treated as alternatives to fiat money during stress. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

What the surge could signal

• Investors are prioritizing protection against policy shocks over chasing risk
• Trade uncertainty is showing up not just in equities, but in currencies and commodities
• Fed communication may matter as much as the rate decision itself
• High prices can attract momentum traders, increasing short-term volatility