Energy markets have pushed the ECB back into focus, with traders increasingly leaning towards a higher-for-longer rate outlook as inflation risks begin to resurface. The recent rebound in oil prices, with crude moving back above the $100 mark, has prompted a noticeable shift in expectations, with markets now less confident that rate cuts will arrive as quickly as previously thought.
Gold’s recent decline highlights a shift in market behaviour. Despite rising geopolitical tensions, investors are moving away from traditional safe havens and into liquidity, with US dollar demand and rising yields driving short-term price action.
Gold prices surged nearly 2% today, pushing the spot gold price to a three-week high of $5,175/oz, as investors shifted toward safe-haven assets amid rising global uncertainty.
Gold has pushed to fresh intraday and closing highs near $5,100 an ounce, extending a rally that has gathered serious momentum in recent weeks. Spot prices briefly touched $5,110.50, showing that buyers are still willing to step in despite prices sitting at record levels, as uncertainty across markets keeps demand for gold firm.
Gold prices surged to fresh record highs on Monday, January 12, 2026, with spot gold climbing above $4,600 per ounce during early Asian and European trading. The move capped a strong start to the week for precious metals and reflected a clear shift in investor mood, as uncertainty around the global economy and rising geopolitical tensions pushed more money into traditionally safer assets.
