Gold prices have surged to a fresh all-time high, underscoring the metal’s growing strategic importance in global markets.

Spot gold climbed 1.6 percent to a record $4,748.09 per ounce on Tuesday, January 20, 2026, extending a powerful rally that continues to redraw price benchmarks for the precious metal.

The latest move pushes gold decisively into uncharted territory, reflecting sustained investor demand and strong market momentum.

Analysts say the rally highlights gold’s enduring appeal as both a store of value and a strategic asset, particularly in an environment marked by global economic uncertainty, geopolitical tension and shifting monetary expectations.

The record-breaking performance reinforces gold’s status as a core commodity in global portfolios, with active trading volumes and positive sentiment driving prices higher. The scale of the latest gain signals not just a short-term spike, but a continuation of a broader appreciation trend that has defined gold’s recent market trajectory.

This historic surge in gold prices comes as Ghana — Africa’s largest gold producer — moves to capture more value from its natural resources, shifting away from raw exports toward domestic processing.

The country has signed a strategic value-addition agreement with Gold Coast Refinery Limited, under which one metric tonne of Ghana’s gold will be refined locally each week beginning February 1, 2026. The move is aimed at boosting export earnings, retaining refining fees within the local economy and deepening Ghana’s participation in the global gold value chain.

Industry watchers say the timing is significant. With gold trading at record highs, Ghana’s push to refine more of its output locally positions the country to maximise revenue, strengthen industrial capacity and reduce dependence on external refineries, at a moment when the global gold market is delivering exceptional value.