Gold hit a record $4,510 per ounce on January 12, 2026, due to geopolitical tensions.

On January 12, 2026, gold reached a record $4,510 per ounce, driven by geopolitical tensions in Iran and Venezuela, which increased demand for safe-haven assets. Silver prices and drilling results from Sunshine Metals' Liontown project in Australia have prompted a strategic shift toward silver production. ITech Minerals confirmed gold and antimony mineralization in the Northern Territory, which bolsters regional exploration interest. Base metals rebounded on the LME, with copper reaching nearly $13,000 per tonne. Meanwhile, BHP may challenge Rio Tinto's potential Glencore bid to become the world's largest copper miner. The Surface Transportation Board has proposed new rail access rules to boost freight competition.