Gold Hits All-Time High Above $4,600: Key Drivers and Market Outlook

The first full trading day of the new week sent shockwaves through the markets: precious metals didn’t just set new records—they soared. The price of gold broke through the psychological barrier of $4,600 per troy ounce for the first time in history, while silver jumped nearly 6%, reaching $84.6.

What’s driving the rally and where is the market headed next?

Double Whammy: Fed Pressure and Geopolitics

The rally, as reported by RBC-Ukraine citing Bloomberg, was triggered by a combination of two key factors.

• Internal Turmoil at the Fed: The market reacted nervously to statements by Federal Reserve Chairman Jerome Powell regarding potential charges against the regulator and ongoing political pressure. This sowed doubts about the stability of the world’s primary central bank, instantly weakening the dollar and forcing investors to seek alternatives.
• Crisis in Iran: The escalation of deadly anti-government protests in late December, which claimed hundreds of lives, added fuel to the fire of geopolitical uncertainty. During such times, gold and silver are traditionally in high demand as safe-haven assets. The situation highlights the global search for stability, a concern shared by investors from London to Toronto.

The Silver Phenomenon: Deficit and Frenzied Demand

Analysts are paying particular attention to silver. Its surge is not merely a follow-on from gold’s rise. The white metal is demonstrating its own powerful momentum, fueled by a fundamental imbalance.

“We see the deficit in the silver market continuing through 2026, mainly due to high investment demand,”

explain experts. The situation is exacerbated by shrinking industrial inventories and the anticipation of potential U.S. tariffs on imports of silver, platinum, and palladium following a “Section 232” investigation.

Recall that in 2025, silver gained almost 150%, and current prices suggest the trend is far from exhausted.

Context and Forecast: To Be Continued?

The current spike is a logical continuation of the record rally that began in December 2025, when gold first broke through the $4,380 level. Now, the market appears to be gaining a second wind.

For investors, this is a strong signal. The aggressive accumulation of precious metals indicates deep apprehension among major capital regarding the stability of the dollar system and the global political agenda. In essence, investors are voting with their money for a “safe harbor.”

What This Means for the Ukrainian Market and International Business

For Ukraine, with its high level of dollarization and public interest in preserving savings, this trend has direct implications. For international businesses, it underscores the importance of diversifying treasury assets beyond traditional currencies.

• For Private Investors and Savers: The rise in global prices directly impacts the cost of investment coins, bars, and unallocated metal accounts (UMAs) in hryvnia. This increases the value of existing holdings but also raises volatility.
• For Business (Jewelry, Banking): The sharp price jump creates operational challenges—from revaluing inventories and collateral to adjusting price tags. Increased flexibility in risk management is required.
• A Macroeconomic Signal: Gold’s strength amid dollar weakness and the Fed’s internal problems could, in perspective, create room for softer monetary policy in other countries, which is important for loan costs.

The precious metals market clearly shows: 2026 is beginning with heightened turbulence. And investors are preparing for it by buying assets tested for centuries.

*Exchange rate as of 01/12/2026: ~1 USD ≈ 36.00 UAH. The ounce price calculation is approximate.