The price of gold has surpassed the mark of 5,000 dollars per ounce, establishing a historic point for this precious metal.
This movement shows the growing concern of investors about the continued decline of the US dollar, while Bitcoin and Ethereum remain well below critical levels.
Gold surpasses 5,000 dollars after the collapse of the dollar
At the time of writing, gold is trading at 4,987 dollars after reaching an intraday high of 5,009 dollars on January 24. The precious metal has risen nearly 20% in the last 24 hours.
Meanwhile, the US Dollar Index (DXY) has dropped to 97.45, a multi-month low, as this level had not been seen since September 2025.
This milestone coincides with a notable on-chain movement, where a single trader on the Bybit exchange deposited 7 million USDT and withdrew 843 XAUT, valued at $4.17 million, showcasing the growing interest in tokenized gold as a hedge against fiat currency volatility.
Lookonchain, which monitors blockchain transactions, noted this activity and mentioned that the significant purchase of XAUT is one of the largest tokenized gold moves in recent months.
This operation may show that there is profit-taking or reallocation strategies now that the precious metal reaches unprecedented levels.
Although cryptocurrencies have traditionally been considered an alternative to fiat money, the recent price behavior underscores gold's resilience compared to digital assets.
Ethereum is trading at $2,958 and Bitcoin at $89,615, while the gold rally surpasses the gains of major cryptocurrencies in recent weeks. This difference shows gold's ongoing role as a safe-haven asset in times of macroeconomic uncertainty.
The decline of the US dollar has been one of the key factors in this rally. According to recent market comments, the dollar lost nearly 50% of its value against gold in the past year. This is the largest drop in U.S. history.
Could dollar weakness and pressure on commodities drive gold towards $6,500?
Analysts warn that prolonged dollar weakness is driving increased demand for precious metals and other inflation-resistant assets.
In this context, the general sentiment towards gold remains bullish, especially for the short-term trend of the precious metal.
"Possible price action in gold in the coming weeks and months. I expect the current rise in gold to continue to $5,400 – $5,600, then a 10% correction, consolidation, and an additional bullish move towards $6,500 by the summer of 2026, which, if it occurs, would be a 30% gain from the current price level..." said investment manager and financial analyst Rashad Hajiyev.
This forecast aligns with Goldman Sachs' thesis, which states that the price of gold could rise to $5,400 in 2026. Reports also indicate that Bank of America expects the golden metal to reach $6,000 by the spring of 2026.
Copper scarcity and dollar weakness highlight gold as a safe-haven asset.
The rise in gold prices also reflects broader pressures in commodities. Billionaire mining magnate Robert Friedland recently highlighted structural limitations in the copper market.
He warned of a future supply shortage necessary to sustain global GDP growth and electrification initiatives.
"We consume 30 million tons of copper per year, only 4 million are recycled... In the next 18 years, we will have to extract as much copper as we have extracted in the last 10,000 years combined," said Friedland, pointing to the scarcity pressures affecting various commodity markets, including precious metals.
The combination of dollar weakness, supply chain pressures, and a historic gold rally presents both opportunities and risks.
The transaction of $4.17 million in XAUT on Bybit could anticipate more institutional movements towards tokenized gold.
Meanwhile, the overall macroeconomic environment suggests that gold may continue to be a key protection for preserving wealth amid the increasing volatility of cryptocurrencies and fiat currencies.
