Gold jumps to record high above US$5000 an ounce amid tensions with Iran
Monday, 26 January 2026
The price of gold has risen above US$5000 an ounce for the first time as speculation continues that a United States attempt to overthrow the regime in Iran could be imminent.
The spot price of gold soared 2% from its Friday close to trade at US$5087 (NZ$8530) an ounce late-afternoon on Monday, New Zealand time.
Gold has been propelled higher in recent weeks after US President Donald Trump first advised Iranian anti-government protesters two weeks ago to “keep protesting”, telling them that help was on its way.
Britain’s Daily Mirror was among newspapers reporting on Monday that the aircraft carrier USS Abraham Lincoln and its support ships were now in “striking distance” of Iran after being diverted by Trump more than a week ago from the South China Sea.
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US prediction market Polymarket, which lets people bet on geopolitical events, is currently indicating a 16% chance of a US strike on the Iranian regime this week, and a 53% chance by the end of next month.
Reuters reported that several airlines including KLM, British Airways and Lufthansa had suspended flights to parts of the Middle East, but said Air France resumed its service to Dubai on Saturday after suspending it a day before, explaining it was following the situation in the Middle-East “in real time”.
Gold — traditionally used as a store of value and hedge against inflation — has doubled in value over the past 14 months and gained 19% since the end of December.
But other financial markets appeared stable on Monday. The NZX top 50 Index was trading down, but only by 0.2%, in late afternoon trading. The ASX is closed for Australia day.
The S&P 500 futures index was trading down 0.3%, suggesting an unremarkable trading session ahead tonight, New Zealand time.