Global gold markets witnessed an unprecedented surge on Thursday, January 29, 2026, as the precious metal shattered previous records by breaching the $5,500 per ounce threshold for the first time in history. This remarkable rally positions gold for its most substantial monthly appreciation in half a century, driven primarily by escalating geopolitical tensions and shifting economic indicators.
In Dubai’s vibrant gold market, 24K gold reached an extraordinary peak of Dh666 per gram during daytime trading before settling at Dh664.5 per gram by evening. This represents a staggering year-to-date increase of Dh144.5 per gram, demonstrating the metal’s sustained upward trajectory. The phenomenon extended beyond pure gold, with 22K variants momentarily crossing the Dh600 barrier for the first time ever, achieving an unprecedented high of Dh616.75 per gram before moderating to Dh615.25.
Financial experts attribute this historic surge to multiple converging factors. Vijay Valecha, Chief Investment Officer at Century Financial, identified deteriorating US-Iran relations as a primary catalyst. ‘The breakdown in nuclear negotiations between Washington and Tehran, coupled with President Trump’s暗示 of potential military intervention in the Middle East, has created substantial market uncertainty,’ Valecha explained. The strategic deployment of a US aircraft carrier strike group, bringing total American warships in the region to ten, has significantly heightened geopolitical anxieties.
Concurrently, the weakening US dollar index has prompted investors to seek refuge in traditional safe-haven assets, further accelerating gold’s ascent. From a technical perspective, Valecha noted that gold approached $5,604 during early trading sessions before experiencing a slight correction to $5,549. Critical resistance is currently identified at $5,604, with a potential breakthrough potentially propelling prices toward $5,700. Conversely, support levels stand firm at $5,438 on hourly charts, with a breach possibly triggering a decline to $5,317.
This extraordinary market performance underscores gold’s enduring role as a financial sanctuary during periods of international instability and economic uncertainty.