Markets Weekly Roundup - Commodities & Crypto Highlights (Week Ending 24 January 2026) | Dawan Africa

By Benadeta Mwaura - Reporter

Kenya, 24 January 2026 - Global markets this week were shaped by heightened geopolitical uncertainty, currency movements and risk-off positioning among investors. Precious metals continued their strong uptrend, oil showed modest gains, while cryptocurrencies, led by Bitcoin, faced renewed pressure as traders adjusted to macroeconomic signals and safe-haven flows.

Gold Soars to Record Highs

Gold dominated the commodities landscape, climbing sharply to near or record levels approaching $5,000 per ounce amid sustained safe-haven demand.

Prices surged by more than 8% during the week, one of the largest weekly advances in years, driven by a combination of geopolitical risk, a softer U.S. dollar and expectations of potential interest rate cuts as markets position for easier monetary policy.

Several analysts see further upside, with forecasts extending toward $5,400 and beyond later in 2026 as central banks and investors increase allocations to bullion.

Silver also outperformed, breaking above $100 per ounce for the first time ever, a milestone reflecting strong industrial demand and speculative interest alongside its traditional hedge role. Platinum and other precious metals extended gains, underlining broad appetite for hard assets in risk-off conditions.

Oil Prices Edge Higher on Supply and Tension Signals

Crude oil posted modest weekly gains, with WTI and Brent both rising as traders priced in geopolitical risks that could disrupt supply, particularly due to tensions in the Middle East and broader global instability.

While structural oversupply and demand caution continue to weigh on energy markets, short-term demand signals tied to weather patterns and strategic risk premiums helped push oil up moderately over the week.

Stocks and Equity Markets Take a Step Back

Major equity indexes showed mixed to slightly negative performance this week as investors rotated out of risk assets amid uncertainty over macro policy and geopolitical developments.

U.S. markets experienced modest pullbacks after recent gains, reflecting caution ahead of key data releases and central bank commentary. While broader market indices remain relatively stable year-to-date, momentum has slowed as safe-haven flows grow.

Cryptocurrencies: Bitcoin Consolidates and Faces Headwinds

Bitcoin’s performance this week was lacklustre compared with precious metals.

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After attempting to break past higher resistance levels, Bitcoin slipped back below roughly $90,000, trading in a consolidative range as investors awaited clearer signals from the Federal Reserve and macro data.

The digital asset remains sensitive to global risk sentiment and broader monetary policy expectations, but short-term price action suggests caution rather than strong upward conviction.

Institutional flows have remained muted, and Bitcoin’s inability to capture safe-haven flows like those seen in gold highlights the current divergence between crypto and traditional stores of value.

Other major cryptocurrencies such as Ethereum, Solana and XRP have shown mixed results, with some alts outperforming Bitcoin on isolated moves but the broader market capitalization largely stagnating against the backdrop of shifting investor appetite.

Risk Sentiment and Safe-Haven Shifts

The standout theme of this week’s markets is the rotation toward “hard” assets like gold and silver as geopolitical tensions and policy uncertainty temper appetite for riskier assets.

The U.S. dollar’s weakening against major currencies amplified demand for alternative stores of value, reinforcing precious metal rallies.

At the same time, oil’s modest rise reflects lingering supply concerns despite stubborn demand softness in parts of the global economy.

For traders and investors, this week’s price action underscores the continuing divergence between traditional safe-haven assets and risk assets like equities and cryptocurrencies.

Gold and silver’s historic highs suggest that hedging and capital preservation remain priorities amidst geopolitical and macroeconomic uncertainties.

Meanwhile, oil’s tentative gains and Bitcoin’s consolidation illustrate the uneven nature of market performance during risk-off phases.

As markets look ahead, central bank policy signals, geopolitical developments and macroeconomic data releases, including inflation and rate expectations, are likely to be key drivers of performance across asset classes.