New York, Jan 9, 2026, 13:44 EST — Regular session
- Gold-linked funds and miners rose after U.S. payrolls data came in below forecasts
- Spot gold held near record levels as traders weighed the rate outlook and fresh policy risk
- Focus turns to U.S. Supreme Court tariff rulings on Jan. 14 and the Fed’s Jan. 27-28 meeting
SPDR Gold Shares (GLD) rose 0.3% to $412.88 in midday trading on Friday, while major U.S.-listed gold miners also moved higher. Newmont gained 1.4%, Agnico Eagle Mines climbed 2.2% and Franco-Nevada advanced 3.1% as investors pushed back into bullion-linked names.
Spot gold — the cash price for immediate delivery — was up 0.6% at $4,502.98 an ounce by 11:18 a.m. ET, after the nonfarm payrolls report, the closely watched U.S. jobs release that excludes farm workers. Bullion was set for a weekly gain of more than 4% and has hovered near a record high of $4,549.71 hit on Dec. 26. “Payrolls are showing us a poor job creation environment,” said Bart Melek, global head of commodity strategy at TD Securities. 1
The rate angle is doing most of the work. Gold pays no interest, so it tends to look better when investors expect lower borrowing costs, though traders shifted toward a longer pause after the jobs report showed the unemployment rate dipped to 4.4% even as hiring slowed. Olu Sonola, head of U.S. economic research at Fitch Ratings, said hiring was “stuck in stall speed,” even if the jobless rate eased pressure on the Federal Reserve. 2
Trade policy is the other live wire. The U.S. Supreme Court is scheduled to issue rulings on Jan. 14, with investors watching for any decision tied to the legality of President Donald Trump’s sweeping global tariffs, a case that has become a broader test of presidential power. 3
Miners add their own twist because earnings can swing more than the metal itself when costs move or operations stumble. Agnico Eagle said on Thursday it will release fourth-quarter and full-year 2025 results on Feb. 12 after normal trading hours. 4
Newmont is expected to report on Feb. 19, based on Nasdaq’s earnings calendar, and investors will be watching for updates on production, costs and 2026 guidance after a sharp run in gold prices. 5
But the same leverage cuts the other way. HSBC said this week it sees a wide 2026 trading range of $5,050 to $3,950 an ounce and warned a correction later in the year could deepen if geopolitical risks fade or if the Fed stops cutting rates. 6
The next hard date for the gold trade is the Fed’s Jan. 27-28 meeting, where any shift in the policy path could ripple quickly through the dollar, yields and the gold price — and into gold stocks. 7
