ETO Markets Global Pulse: Gold Smashes $4,900, Eyes $5,000

Market Review

According to ETO Markets monitoring, on January 22 (Thursday), precious metals surged across the board. Spot gold broke above USD 4,900 per ounce for the first time, while silver and platinum also hit fresh record highs. Strong safe-haven demand triggered a broad-based rally across the precious metals complex.

As of January 23 (Friday) in early Asian trading, spot gold remains firm near USD 4,942 per ounce. Prices briefly extended to a new all-time high of USD 4,959.81 per ounce earlier in the session. Volatility has increased sharply, with markets now closely watching whether gold will test the USD 5,000 level.

Global Headlines

1) Greenland PM Rejects U.S. “Framework Deal”

Greenlands Prime Minister Nielsen said he is unaware of any so-called “framework agreement” referenced by President Trump. He stressed that sovereignty is a non-negotiable red line and stated that the NATO Secretary General has no mandate to negotiate on behalf of Denmark or Greenland. While administrative issues may be discussed, sovereignty is not open to talks.

2) U.S. PCE Meets Expectations, FED Likely On Hold

U.S. November PCE inflation data came in broadly in line with expectations, with both headline and core readings showing moderate increases. Markets widely expect the FED to keep rates unchanged at next weeks meeting. Futures traders now see limited room for rate cuts this year amid persistent inflation and geopolitical uncertainty.

3) BOJ Holds Rates, Signals Gradual Hikes

The Bank of Japan kept its policy rate unchanged at around 0.75% following its monetary policy meeting. BOJ Governor Kazuo Ueda said the central bank will continue to move toward further rate hikes if economic activity and inflation evolve in line with projections. Markets are closely watching Uedas forward guidance for implications on the yen and global liquidity conditions.

4) Warsh Seen As Leading FED Chair Candidate

Former FED Governor Kevin Warsh is increasingly viewed as a leading candidate for FED Chair. His preference for balance sheet reduction has drawn market attention, as such a stance could affect global liquidity conditions and funding costs if implemented.

5) India Cuts U.S. Treasuries, Boosts Gold Reserves

Indias holdings of U.S. Treasuries have fallen to a five-year low, reducing their share within foreign exchange reserves. Several countries are accelerating reserve diversification, raising allocations to gold and other alternatives. This trend has renewed debate over the long-term role of the U.S. dollar in global reserves.

ETO Markets Analyst View (Spot Gold)

From a technical perspective, gold remains in a clear uptrend, holding firmly above the USD 4,885 level and maintaining a strong bullish structure. Price action has entered an acceleration phase, with upside targets extending toward the USD 4,980 and USD 5,040 zones. Near-term pullbacks remain relatively shallow under current momentum conditions.

A decisive break below USD 4,885 would open the door to a technical retracement toward the USD 4,838 and USD 4,800 areas. RSI continues to trend higher without clear divergence, indicating bullish momentum remains dominant. However, after consecutive sharp advances, the risk of volatility expansion should not be ignored.

Overall, supported by macro uncertainty and sustained safe-haven demand, gold remains biased to the upside in the near term. That said, consolidation risks rise at elevated levels, calling for disciplined positioning and close monitoring of price action.

Disclaimer

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