The analyst noted a decrease in confidence in the dollar and the euro

Investors' interest in protective assets, primarily precious metals, has increased due to the growing trade and tariff confrontation and geo-economic contradictions between the United States and Western European countries. Alexander Schneiderman, head of Alfa-Forex's Customer Support and Sales department, told Izvestia about this on January 21.

"Developing trade conflicts and political risks contribute to maintaining the growing demand for precious metals, while investor confidence in the dollar and the single currency is noticeably decreasing. The high attractiveness of precious metals remains in conditions of increased volatility in financial markets," he said.

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In 2025, gold prices increased by 65%, while silver prices rose almost 2.5 times. Gold took a leading position in the structure of Alfa-Forex's trading turnover last year, surpassing the dollar and euro in terms of trading volume for the first time in the history of the over-the-counter foreign exchange market in Russia. The volume of gold trading in Alfa-Forex reached 2.88 trillion rubles last year.

Despite the increasing risks of overheating of the precious metals market, challenges remain for the global economy, and in the short term, the cost of a troy ounce of gold is tending to reach $5,000.

"At the beginning of the third decade of January, the tense geopolitical situation remains a key factor in the growth of precious metals quotations. During the week, the price of gold may consolidate in the range of $4.8–4.9 thousand per troy ounce with a move to the upper limit of the corridor, while silver quotes may approach the level of $98 per ounce," the expert said.

On January 19, Reuters reported an increase in the cost of precious metals amid threats from US President Donald Trump to increase duties on goods from European countries due to disagreements over Greenland. U.S. gold futures for February delivery rose 1.7% to $4,671.90 per ounce. The spot price of silver rose 3.6% to $93.15 per ounce, reaching a record high of $94.08.

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