ABC Bullion Monthly Market Update January 2026

Precious metals extended their historic bull run into January, reaching all-time highs before experiencing sharp late-month volatility. Gold surged to an intramonth record of USD $5,596 per troy ounce (oz) before ending January at $4,865oz, still posting a robust 12.8% gain. Silver outperformed, rising 18.8% to USD $84.7oz after briefly trading as high as USD $121oz.

Even after factoring in the late-month pullback, January’s performance reinforced precious metals as standout performers, delivering outsized returns relative to other hard assets and major global equity benchmarks, including the S&P 500 and ASX 200.

The fundamental drivers behind the precious metals bull market remain firmly intact. Strong central bank and ETF accumulation, ongoing geopolitical tensions, safe-haven demand, persistent inflationary pressures, and a softer US dollar continue to support investor appetite.

Demand-wise, the strength across the precious metals sector has led to record levels of new account activations at ABC Bullion, in-store and online trade, and demand for both key physical products as well as our ABC Bullion Gold Saver.

It also provides the ideal backdrop for the release of the ABC Bullion January Monthly Market Update.

With detailed charts on gold, silver and platinum performance, inflation dynamics, commodity prices, comparisons of precious metals markets to risk assets and technical analysis, it is an invaluable resource that helps Australian investors navigate the precious metals market.

Thank you for choosing ABC Bullion

Jordan Eliseo
General Manager, ABC Bullion

Luke Tyler
Market and Business Analyst, ABC Bullion

^{Disclaimer: This document has been prepared by Australian Bullion Company (NSW) Pty Limited (ABN 82 002 858 602) (ABC). The information contained in this document or internet related link (collectively, Document) is of a general nature and is provided for information purposes only. It is not intended to constitute advice, nor to influence any person in making a decision in relation to any precious metal or related product. To the extent that any advice is provided in this Document, it is general advice only and has been prepared without taking into account your objectives, financial situation or needs (your Personal Circumstances). Before acting on any such general advice, we recommend that you obtain professional advice and consider the appropriateness of the advice having regard to your Personal Circumstances. If the advice relates to the acquisition, or possible acquisition of any precious metal or related product, you should obtain independent professional advice before making any decision about whether to acquire it. Although the information and opinions contained in this document are based on sources, we believe to be reliable, to the extent permitted by law, ABC and its associated entities do not warrant, represent or guarantee, expressly or impliedly, that the information contained in this document is accurate, complete, reliable or current. The information is subject to change without notice, and we are under no obligation to update it. Past performance is not a reliable indicator of future performance. If you intend to rely on the information, you should independently verify and assess the accuracy and completeness and obtain professional advice regarding its suitability for your Personal Circumstances. To the extent possible, ABC, its associated entities, and any of its or their officers, employees and agents accepts no liability for any loss or damage relating to any use or reliance on the information in this document. It is intended for the use of ABC clients and may not be distributed or reproduced without consent. © Australian Bullion Company (NSW) Pty Limited 2020.}