• Gold prices climbed above $5,500 an ounce, setting a new all-time high.
• Safe-haven demand is rising amid dollar weakness and geopolitical uncertainty.
• African gold producers are adjusting fiscal terms as prices surge.

Gold prices accelerated again on January 29 reaching a new record above $5,500 an ounce. The rally comes against a backdrop of persistent US dollar weakness and mounting economic and geopolitical uncertainty. The move follows the breach of the $5,000-an-ounce threshold earlier in the week and extends a strong upward trend seen in 2025, a year that saw 53 record highs, according to the World Gold Council.

In its market trends report published the same day, the London-based organization attributed last year’s sharp gains to record gold demand of 5,002 tons. The council said investor interest in gold as a safe-haven asset has remained strong amid ongoing global uncertainty. These same dynamics have continued since the start of the year.

Gold prices are rising due to safe-haven demand linked to geopolitical uncertainty and political developments in the United States, said Soni Kumari, an analyst at ANZ, quoted by Reuters. She pointed to concerns over the independence of the Federal Reserve, adding that when such doubts emerge, investor confidence in the financial system tends to weaken.

Questions around the independence of the US Federal Reserve have added to uncertainty in recent months, as President Donald Trump has repeatedly criticized the institution’s leadership. At the same time, fresh geopolitical tensions have surfaced, including in Iran, where discussions over a possible US military intervention have fueled market unease.

Data from Trading Economics show gold prices are already up 27% since the start of 2026, after rising 67% last year. While the World Gold Council continues to expect high and sustained prices this year, the trend is being closely watched by African gold producers and host governments, many of which are adjusting their fiscal frameworks to capture more value from the rally.

Burkina Faso has been among the countries taking steps in this direction since 2025. Previously, gold royalties were capped at 7% for prices above $2,000 an ounce. A new 8% rate was introduced for prices of $3,000 an ounce, with an automatic increase of 1% for every additional $500 rise. Similar measures have since been adopted by countries such as Zimbabwe and Ghana.

Aurel Sèdjro Houenou