Gold prices are breaking a historical record by exceeding the level of 5,000 dollars per ounce.
This development indicates that the ongoing loss of value in the US dollar is worrying investors. Bitcoin and Ethereum are still progressing well below critical levels.
Gold has surpassed the 5,000 dollar level with the collapse of the dollar.
At the time this article was written, gold is trading at 4,987 dollars and reached an intraday high of 5,009 dollars on January 24. In the last 24 hours, the precious metal has risen by approximately 20%.
Meanwhile, the US Dollar Index (DXY) declined to 97.45 and recently reached this level, marking a multi-month low tested last in September 2025.
During such a period, a notable on-chain movement occurred: A trader on the Bybit exchange withdrew 843 XAUT worth 4.17 million dollars after depositing 7 million USDT. This transaction highlights the increasing interest in tokenized gold and investors' search for hedges against fiat currency volatility.
Lookonchain, which tracks blockchain transactions, detected this movement and noted that this purchase of XAUT of this magnitude is one of the largest tokenized gold transactions that have occurred in recent months.
This transaction may indicate profit-taking or a repositioning strategy in the portfolio as gold reaches historic highs.
Although cryptocurrencies are traditionally seen as an alternative to fiat money, the recent price movement once again demonstrates gold's resilience compared to digital assets.
Ethereum is trading at 2,958 dollars and Bitcoin at 89,615 dollars. In recent weeks, gold's momentum has far surpassed the returns of the largest cryptocurrencies. This divergence highlights gold's identity as a safe haven during periods of macroeconomic uncertainty.
The depreciation of the US dollar has been the primary driving force behind the rise. According to recent market comments, the dollar has lost nearly 50% of its value against gold over the past year. Notably, this loss corresponds to the largest decline in US history.
Could Dollar Weakness and Commodity Pressures Drive Gold to 6,500 Dollars?
Analysts warn that there has been a strong shift towards precious metals and other assets resistant to inflation as the dollar continues to weaken.
In such an environment, the overall sentiment of investors towards gold is trending upwards. Optimism prevails for the precious metal, especially in the short term.
Investment manager and financial analyst Rashad Hajiyev stated, 'Possible price movements for gold in the coming weeks and months could be as follows: I predict that the current rally will last until the range of 5,400 – 5,600 dollars, followed by a 10% correction and price stagnation, after which it will rise again to reach a target of 6,500 dollars by the summer of 2026. If this scenario occurs, it would mean a 30% increase from the current level…'
This forecast aligns with Goldman Sachs' prediction: The institution claims that the price of gold could rise to 5,400 dollars in 2026. It is also indicated that Bank of America has reported that gold could reach 6,000 dollars by Spring 2026.
Copper Shortage and Dollar Weakness: Gold is Emerging as a Safe Haven
The sharp rise in gold prices also indicates a broader pressure in commodity markets. Billionaire mining magnate Robert Friedland recently highlighted structural constraints in the copper market and warned of the risk of supply shortages in the near future to sustain global GDP growth and electrification efforts.
Friedland stated: 'We consume 30 million tons of copper annually, and only 4 million tons of that is recycled… In the next 18 years, we will need to extract as much copper as we have produced in the last 10,000 years.' These words indicate that there are increasing scarcity pressures in many commodity markets, especially for precious metals.
The weakness of the dollar, supply chain pressures, and the historic gold rally signify both opportunities and risks for investors.
The 4.17 million dollar XAUT transaction on Bybit may signal that institutional players could show more interest in tokenized gold in the coming period.
Looking at the macroeconomic picture, gold is expected to continue serving as a store of value against both cryptocurrencies and fiat currencies amid increasing volatility.
