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Gold (TVC: $GOLD ) and silver (TVC: $SILVER ) prices continue to smash records as the value of the U.S. dollar sinks.

Gold's price has now risen ⁠above $5,300 U.S. an ounce for the first time amid weakening confidence in the U.S. dollar.

In early trading on Jan. 28, gold's price was up 3% and trading at an all-time high of $5,311.31 U.S. an ounce.

The rise in silver continues to be even more dramatic, having gained 7% in early trading on Jan. 28 to reach $113.65 U.S. per ounce, a record high.

Commodities analysts say that the prices of precious metals continue to surge higher amid concerns about the independence of ‍the U.S. Federal Reserve and American foreign policy.

Those worries are boosting ‍demand for safe-haven assets such as gold and silver.

Additionally, the U.S. dollar has fallen to a ⁠four-year low after President Donald Trump brushed off concerns about its weakness.

Trump also said he will soon announce his pick to serve as head of the U.S. Federal Reserve and predicted that interest rates will decline further once the new chair takes over in May.

Gold, which does not yield any interest, typically performs best when interest rates are low.

The U.S. central bank is expected to hold rates steady at the conclusion of its latest monetary policy meeting on Jan. 28.

So far in 2026, gold has gained more than 20%, accelerating the record gains seen in 2025.

Some Wall Street analysts are now predicting that gold's price will surpass $6,000 U.S. an ounce within weeks and that silver's price could reach $150 U.S. an ounce.