Gold price today, Thursday, January 29: Gold rises above $5,600 for the first time

Group 1 - Gold futures opened at $5,449.90 per troy ounce, marking a 2.1% increase from the previous day's closing price of $5,340.20, with early trading pushing prices above $5,600 before settling around $5,500 [1] - Year-to-date, gold has gained over 26%, driven by a debasement trade as investors shift funds from currencies and government securities to tangible assets like gold [2] - Recent geopolitical tensions, including threats of higher tariffs and military action from the U.S. government, have heightened investor interest in gold, which is perceived as a stable asset not reliant on government backing [2] Group 2 - The opening price of gold futures reflects significant increases over various time frames: +13.7% from one week ago, +24.7% from one month ago, and +96.8% from one year ago [7] - The current price of gold is the highest one-year gain for the years 2025 and 2026, indicating a strong upward trend in the gold market [3]