The Digester

Comex February 2026 futures exceeded $5,100 per troy ounce as investors fled to precious metals amid market volatility, dollar weakness, and heightened geopolitical and policy risks.

Comex February 2026 futures climbed past $5,100 per troy ounce on Monday, a gain of about 2.5%.
Gold rose more than 60% in 2025 while silver gained roughly 150% over the same period.
Analysts point to market turmoil, a weakening US dollar, and policy moves tied to the Trump administration as key drivers of the rally.
A historic sell-off in Japanese government bonds contributed to a global reassessment of sovereign debt and added pressure on the dollar.
Russia held 74.8 million troy ounces of gold at the start of 2026, valuing those reserves at about $326.5 billion on January 1, up from $195.7 billion a year earlier.
Reuters analysts say gold could move toward $6,000 this year, and Bloomberg reported that Russia's windfall from the rally is comparable to about $300 billion of its frozen assets.

Gold tops $5,100 as safe-haven rush and dollar weakness drive record rally

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