Commodities: Gold and silver continue their record run
The rise continues: the price of gold has now doubled over the past twelve months, while the price of silver has almost quadrupled. ETC inflows remain high. The rise in industrial metal prices has not continued.
January 29, 2026. FRANKFURT (Deutsche Börse). The rally shows no sign of ending, with precious metal prices climbing to ever new heights. The price of gold has now peaked at US$5,570 per troy ounce, while the price of silver has reached almost US$119.
“The search for a safe haven is and remains the most important driver,” notes Commerzbank analyst Barbara Lambrecht. “The US president's geostrategic initiatives are likely to have been the decisive factor,” notes Dora Borbély of DekaBank, referring to Venezuela and Greenland. However, concerns about the independence of the US Federal Reserve also played a role. Another important driver is demand from central banks that want to become less dependent on the US dollar and are therefore increasingly shifting their investments to gold.
Extremely high inflows, extremely high turnover
Precious metal ETCs also recorded extremely high inflows in January, as reported by ETC issuer WisdomTree. “The asset class started 2026 much as it ended 2025, namely with significant outperformance,” notes Mobeen Tahir. Precious metals are also very much in focus in ETF and ETC trading. According to Ivo Orlemann, ICF Bank customers are particularly interested in WisdomTree Physical Silver (JE00B1VS3333), Invesco Physical Gold (IE00B579F325) and WisdomTree Silver 3x Daily Leveraged (IE00B7XD2195). The leveraged silver price tracker is a favorite among Lang & Schwarz customers, while Xetra Gold (DE000A0S9GB0) and iShares Physical Gold (IE00B4ND3602) are also in demand.
Ivo Orlemann
Mining ETFs are also proving popular, such as iShares Gold Producers (IE00B6R52036), VanEck Gold Miners (IE00BQQP9F84), and VanEck Junior Gold Miners (IE00BQQP9G91), as Frank Mohr of Société Générale notes. Xetra Gold's gold reserves are rising: at the end of 2025, they stood at 172.8 tons, up from 166.5 tons at the end of 2024.
Silver price tracker in the lead
In commodity ETC trading on Xetra, gold and silver ETCs continue to record by far the highest turnover. At the top of the turnover list is even a silver price tracker, the WisdomTree Physical Silver. Only then comes the usual number one, Xetra Gold. There was also a lot of activity in gold price trackers from iShares, Invesco, Amundi, and Xtrackers, as well as silver price trackers from Invesco and Xtrackers, and WisdomTree Silver 3x Daily Leveraged.
Industrial metals: “The air has gone out of it”
The rise in industrial metal prices that has been ongoing since August has come to a halt. “The air has gone out of the industrial metal markets for the time being,” notes Commerzbank analyst Lambrecht. The price of copper had risen sharply until the middle of the month, as had the price of nickel. Since then, it has been moving sideways. According to WisdomTree, industrial metal ETCs are recording inflows at a lower level. Most traded ETC on XETRA: WisdomTree Copper (GB00B15KXQ89).
Oil price higher
The price of oil has risen recently. A barrel of Brent is currently trading at around US$69 again, the highest level since September 2025. However, energy ETCs are on the sell lists, as WisdomTree reports. “The new year began with high volatility due to the geopolitical conflicts in Venezuela and Iran,” explains Tahir. However, the overall oil supply remains good. According to DekaBank analyst Borbély, developments in Venezuela will have no impact on oil price forecasts for the coming years. “A sustained expansion of Venezuelan oil exports would take a long time,” she explains. The ETC with the highest turnover on Xetra is the WisdomTree WTI Crude Oil 3x Daily Leveraged (IE00BMTM6B32).
By Anna-Maria Borse, January 29, 2026 © Deutsche Börse AG
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Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock exchanges and economic issues.
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