On January 20, 2026, spot gold broke above $4,700 per ounce, hitting an intraday high of $4,740 — a fresh record. The rally marked a 1.5% gain, driven by escalating trade tensions and geopolitical risks.
Multiple catalysts behind the surge
Gold's latest leg up stems from a cocktail of factors. US-EU trade friction, including tariff threats, pushed investors toward traditional safe havens. Global macro conditions also supported: gold rallied 60-70% in 2025 and carried momentum into 2026. Central bank buying, dollar policy uncertainty, and inflation expectations kept capital flowing into bullion. On the technical side, the breakout above $4,700 drew momentum traders and fed bullish sentiment.
Poland doubles down on gold purchases
According to Bloomberg, the National Bank of Poland (NBP) has greenlit a plan to buy 150 metric tons of gold, raising its reserves from roughly 550 tons to 700 tons. That move would place Poland among the top 10 global gold holders. Governor Adam Glapiński said the goal is to "strengthen national financial security" and lift gold's share of total reserves to 30%.
Poland has been aggressively accumulating gold since 2022, when reserves stood at just 230 tons. Net purchases in 2025 alone reached 95-100 tons, the highest of any central bank worldwide. The new 150-ton plan represents 10-15% of global central bank annual purchases and could prompt other emerging-market or Eastern European countries to follow suit, further amplifying避险 demand.