Gold prices climbed to a new all-time high on January 19, 2026, as investors increased their exposure to safe-haven assets amid escalating geopolitical risks and renewed trade tensions, Mining Zimbabwe can report.
By Ryan Chigoche
Spot gold rose to a record US$4,667.83 per ounce, gaining about 1.6% on the day, supported by growing speculative interest and heightened uncertainty across global markets.
The rally follows U.S. President Donald Trump’s announcement of a 10% tariff on goods from eight European Union countries, linked to a dispute over Greenland.
Trump has warned that the tariffs could be raised to 25% by June if negotiations fail, a move that has intensified fears of a wider trade confrontation.
These concerns come on top of ongoing geopolitical pressures in the Middle East, particularly involving Iran, reinforcing gold’s appeal as a store of value during periods of instability.
However, analysis cited by the World Gold Council suggests that while the broader trend remains positive, the pace of the rally may be slowing in the short term.
Although prices have reached new highs, momentum indicators have not yet fully confirmed the strength of the move. In simple terms, gold has risen very quickly and is now trading well above its long-term average price, a level that historically signals the market may need to pause or cool off before pushing significantly higher.
Even so, the underlying upward trend remains intact for now.
As long as gold holds above around US$4,540 per ounce, the market is seen as remaining in an upward trajectory.
If prices remain supported at these levels, gold could test resistance near US$4,700 per ounce, with a further barrier just below US$4,800 per ounce, an area where prices previously struggled to break through late last year.
At the same time, analysts caution that external factors could begin to weigh on prices.
The U.S. dollar has shown signs of stabilising, while U.S. government bond yields appear close to finding a floor.
Both developments can reduce gold’s appeal, as a stronger dollar and higher yields typically make non-interest-bearing assets like gold less attractive.
A sustained move below US$4,540 per ounce would therefore suggest a period of profit-taking, with prices potentially easing towards the US$4,300–US$4,400 range.
Beyond short-term market movements, the broader backdrop continues to support gold.
Prices are up by about 72% compared with a year ago, rising from roughly US$2,700 per ounce in January 2025.
The gains have been driven by steady central bank purchases, persistent inflation concerns, and a growing desire among investors to diversify away from traditional currencies.
Since the start of 2026 alone, gold has gained just over 8%, underlining strong early-year momentum.
Market flows also show investors rotating out of U.S. equities, particularly large technology stocks, and into commodities and materials.
Central banks, especially in Asia, remain active buyers, while exchange-traded fund holdings have increased as investors seek protection from equity market volatility and currency risks.
Looking ahead, major financial institutions remain broadly constructive on gold’s outlook.
Goldman Sachs expects prices to approach US$4,900 per ounce, while HSBC and JPMorgan see gold trading above US$5,000 later in 2026.
These forecasts are underpinned by expectations of U.S. interest rate cuts, continued central bank demand, and the risk that trade tensions could escalate further.
Average prices for the year are widely projected to range between US$4,500 and US$5,000, with more optimistic scenarios pointing to even higher levels if fiscal pressures and geopolitical strains persist.
Back in Zimbabwe, the global gold rally is already translating into tangible gains for the local mining sector.
High prices have encouraged increased deliveries, particularly from artisanal and small-scale miners, who continue to account for the bulk of national output.
Fidelity Gold Refinery, the country’s sole official buyer, reported record gold production of 46.7 tonnes in 2025, representing a 17% increase from 36.48 tonnes in 2024.
Small-scale miners contributed 34.9 tonnes, while large-scale producers delivered 11.8 tonnes, reflecting the combined impact of strong international prices, improved incentives, and supportive policy measures.
As global uncertainty remains elevated, Zimbabwe’s gold sector appears well positioned to continue benefiting from sustained investor demand for the metal.
