On Friday, gold hit another record high amid declining confidence in US assets due to geopolitical tensions and economic uncertainty. The dollar index is near a more than two-week low on Friday, down 1% for the week, making dollar-denominated metals cheaper for foreign buyers.

The Fed is expected to keep rates unchanged at its January 27-28 meeting, but markets are still pricing in two further rate cuts in the second half of 2026, which increases the appeal of gold. In the event of a local decline, the area around $4800-4870 could become a support zone, where buyer activity is likely to resume.