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The price of gold exceeded $5,000 per ounce, setting a historical benchmark for this precious metal.
The move indicates that investors are increasingly concerned about the continued decline of the US dollar, while Bitcoin and Ethereum remain well below critical levels.
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Gold tops $5,000 amid dollar collapse
As of writing, gold is trading at $4,987 after hitting an intraday high of $5,009 on January 24. The precious metal is up nearly 20% in the last 24 hours.
Meanwhile, the US Dollar Index (DXY) fell to 97.45, the lowest level in several months, since this level was last tested in September 2025.
This stage coincided with a notable movement in the chain, as a trader has deposited ByBit stock exchange 7 million USDT and the withdrawal of 843 XAUT units worth $4.17 million, highlighting the growing interest in tokenized gold as a hedge against fiat currency fluctuations.
Lookonchain, which monitors blocked transactions, noticed this activity, noting that the large purchase by XAUT is one of the largest movements of crypto gold in recent months.
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The deal may point to potential profit-taking or reallocation strategies as gold reaches unprecedented levels.
While cryptocurrencies are traditionally considered an alternative to fiat currencies, the latest price action highlights the resistance of gold compared to digital assets.
The price of Ethereum is trading at $2,958 Bitcoin is at $89,615with the rise of gold outstripping the gains of the major digital currencies in recent weeks. This divergence reflects gold’s continued role as a safe-haven asset during periods of macroeconomic uncertainty.
The decline of the US dollar was a major driver of the rally. According to recent market comments, the US dollar has lost almost 50% of its value compared to gold over the past year. It should be noted that this is the largest decline in the history of the United States.
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Could dollar weakness and commodity pressures push gold towards $6,500?
Analysts warn that continued dollar weakness is fueling a broader run in precious metals and other inflation-resistant assets.
In this context, the general sentiment towards gold remains optimistic, especially regarding the near-term path for the precious metal.
“The possibility of a price movement in gold during the coming weeks and months. I expect that the current increase in gold will continue until $ 5,400 – $ 5,600, after a 10% correction, consolidation, and a continuation of the increase towards $ 6,500 from the summer of 2026, which, if achieved, will constitute a profit of 30% current … ” said Investment manager and financial analyst Rashad Hajiyev.
This expectation is in line with The Goldman Sachs hypothesis The price of gold may rise to $5,400 in 2026. Reports also indicate that Bank of America expects gold to reach $6,000 by the spring of 2026.
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The copper shortage and the weak dollar highlight gold as a safe-haven asset
The rise in gold prices also reflects broader pressures on commodities. Billionaire Robert Friedland recently highlighted the structural constraints in the copper market. It warned of a looming supply shortage essential to support global GDP growth and electrification efforts.
“We consume 30 million tons of copper a year, of which only 4 million are recycled… In the next 18 years, we should mine more copper than we have mined in the last 10,000 years combined.” He said Friedland, pointing to scarcity pressures affecting various commodity markets, including precious metals.
The convergence of a weak dollar, supply chain pressures, and a historic rally in gold represent both an opportunity and a risk.
You can predict a deal XAUTH That was valued at $4.17 million on Bybit with other institutional moves towards premium gold.
Meanwhile, the older macro environment suggests that gold may be a vital hedge for wealth preservation amid rising volatility in crypto and fiat currencies.
