Dow at new record high, precious metals make further gains

Chris Beauchamp IG

The Dow has joined the ranks of indices making new record highs, while gold and silver continue to recover, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

Dow soars to new record highs

It has been a flying start to the year for the Dow Jones, which has hit a record high on the second trading day of the year. The broad-based global bull market is still in full swing, as highs for Germany and South Korea have shown, but in the Dow’s case strength in US oil companies has played a significant part. These are expected to be big winners from the turmoil in Venezuela, given the new government’s need to placate the US administration. Tech stocks have perked up after a mixed end to 2025, but the rotation trade remains in effect, with only Alphabet showing any sign of retesting recent highs.

Gold and silver

Bitcoin might be nearing a one-month high, but gold and silver continue to steal the limelight. Both are clawing back the losses suffered on 29 December, thanks to a combination of geopolitical worries over Venezuela and Greenland, and a revival of the momentum trade that was so powerful over the last months of 2025.

Author

Chris Beauchamp

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GBP/USD remains well bid around 1.3650

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Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

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