New York, January 8, 2026, 10:12 EST — Regular session
Gold-linked stocks fell in early New York trade on Thursday as the gold price eased and traders cut exposure ahead of U.S. jobs data.
Newmont (NEM) was down about 2.9% and the VanEck Gold Miners ETF (GDX) slid about 2.3%, while the SPDR Gold Shares ETF (GLD) eased roughly 0.4% by mid-morning.
The timing matters. Friday’s employment report is the next big read on how fast the Federal Reserve can keep cutting rates, and gold tends to react hard to shifts in that view.
The Chicago Fed’s estimate put December unemployment at 4.6%, and markets were pricing only about a 10% chance of a cut at the Fed’s Jan. 27-28 meeting; Morgan Stanley economists wrote that “a 4.6% would keep the Fed on track to cut in January.” 1
Spot gold fell 0.5% to $4,432.94 an ounce by 9:39 a.m. ET, and U.S. February futures eased 0.4% to $4,442.50.
The annual Bloomberg Commodity Index rebalancing begins this week — a periodic shift in commodity weights — and RJO Futures strategist Bob Haberkorn said it would bring “pressure for the next few sessions” on gold and silver. A Reuters poll forecast 60,000 jobs were added in December and the unemployment rate eased to 4.5%, with markets pricing in two Fed cuts this year. 2
The dollar was also firming, which can cool demand for dollar-priced metals outside the United States.
“A lot of the positioning in short U.S. dollar has already been done,” Natixis strategist Jack Janasiewicz said, and he argued that could limit near-term downside for the greenback. 3
Miners often swing more than bullion because earnings are leveraged to the metal price, and investors can also treat the group as a risk-on proxy when the macro picture turns.
Thursday’s move showed that again, with miners down more than the gold-backed ETF.
HSBC said on Thursday it still sees gold reaching $5,000 an ounce in the first half of 2026 on geopolitical risks and rising debt, but it cut its average 2026 forecast to $4,587 and warned that higher prices could still set up a correction later in the year.
“We see a wide range of $5,050-$3,950/oz for 2026,” the bank said, flagging a deeper pullback if geopolitical risks fade or the Fed stops cutting. 4
Traders now turn to Friday’s employment report at 8:30 a.m. ET, with wages and the jobless rate likely to steer rate expectations into the next week.
The next key U.S. inflation reading, December CPI, is due on Jan. 13. 5
