Gold Futures Shatter Records with Largest Single-Day Dollar Gain in History

Gold futures exploded higher today, posting the largest single-day dollar gain ever recorded, surging an astonishing $231 per troy ounce to settle at a historic $5,447/oz. And the rally isn't stopping there: with gold now trading around the clock, futures resumed in Australia and continued their relentless climb. As of 6:45 PM EST, the most active April 2026 contract stands at $5,524—up an additional $77.70 as Australian markets trade into Thursday, January 29.

This record-breaking surge was fueled by a weakening U.S. dollar, escalating geopolitical uncertainty, and a powerful flight to safety, with intraday trading pushing even higher.

Most Active COMEX Gold (April Delivery): A Historic Session

On Wednesday the most active COMEX gold futures contract  for April delivery gained $231.40 per troy ounce (+4.44%) to settle at $5,447—marking the largest one-day dollar gain on record and the biggest percentage surge since March 24, 2020. Gold has now risen for seven consecutive sessions, its longest winning streak since March 20, 2025, climbing an incredible $713.20 (+15.54%) over that span. The metal now stands 91.46% above its 52-week low of $2,769.10 set on January 29, 2025, and 22.88% above its 2026 low of $4,314.40 from January 2. Month-to-date and year-to-date, gold has surged 22.56% adding $976.00 to its price.

What's Driving This Historic Rally?

Gold smashed through the $5,200 barrier after the U.S. dollar plunged to a nearly four-year low—and held its gains ahead of Federal Reserve Chair Jerome Powell's highly anticipated speech. In afternoon New York trading, futures climbed 4.4% to $5,447.80, touching $5,452 at the session high. The dollar index edged fractionally higher to 96.37 after its steep slide, with President Trump indicating he wasn't concerned about the currency's recent weakness. A softer dollar makes precious metals more attractive to buyers holding other currencies.

Deutsche Bank analysts now project gold could reach $6,000 per troy ounce this year (my target from last year) in a weak-dollar environment, noting that gold's advance reflects persistent investment demand from central bank reserve diversification and investors increasing allocations to non-dollar and real assets.

Editor's Note: We also are including an interview recorded on Monday, January 26, 2026 with Auctus Metal Portfolios.

Wishing you as always, good trading,