Gold prices have surged to a new record, as investors seek safety from escalating global tensions and the volatility of the US dollar.

The February 2026 futures contract on Comex surpassed $5,100 per troy ounce on Monday, with a gain of roughly 2.5%, according to exchange data.

Analysts attribute the rally to market turmoil and policy shifts, including actions by the administration of US President Donald Trump aimed at influencing the Federal Reserve, his intention to acquire Greenland, and military intervention in Venezuela.

The prices of both gold and silver have soared over the past year, as precious metals are commonly viewed as safe-haven assets during periods of market turbulence. Gold rose by more than 60% in 2025, and silver by approximately 150%.

The rally has been further fueled by a sharp decline in the US dollar, which lowers gold's cost for overseas investors. The greenback's fall was compounded by turmoil in Japan, as a historic sell-off in government bonds sparked a worldwide reassessment of sovereign debt.

The rally has generated windfall gains for Russia that Bloomberg reports are comparable to the value of its sovereign assets frozen in the West, around $300 billion. Unlike the blocked funds, Russia's gold reserves can be sold or pledged as collateral, restoring significant financial capacity.

According to the latest data from the Federal Assay Chamber, Russia's gold reserves stood at 74.8 million troy ounces (2,326.54 metric tons) at the start of 2026. The market value of the bullion surged by nearly 67% over the previous year, from $195.7 billion to $326.5 billion as of January 1.

Reuters quoted analysts as saying that gold has more room to climb this year, potentially towards $6,000, on mounting global tensions and strong demand from central banks and consumers. The metal has already surged past JPMorgan's late-December forecast, which projected it would "push toward $5,000/oz" by the fourth quarter of 2026.

Russian experts, meanwhile, share an even more bullish perspective. "The price of gold reaching $10,000 per troy ounce is achievable within three to four years," Aleksandr Shepelev, an expert at BKS Mir Investments, told the Russian media. He said this would occur if high international tensions and a loss of trust in the US dollar continue.