New York, Jan 12, 2026, 12:35 (EST) — Regular session
SPDR Gold Shares climbed 2.4% on Monday, buoyed by gold prices soaring past $4,600 an ounce—a new record. That jump sparked renewed interest in gold-backed assets. The ETF, which mirrors bullion and trades like a stock, last changed hands at $424.45. 1
This move matters because it’s no longer just about commodities. It’s about rates and politics. Gold usually gains traction when investors question the direction of interest rates and the steadiness of policy.
Spot gold climbed 2.5% to $4,620.56 an ounce in late morning trading, after hitting a record high of $4,627.27 amid growing uncertainty surrounding the Federal Reserve and White House. “Elevated uncertainty plays directly into the gold market,” said Michael Haigh, global head of commodities research at Societe Generale. Silver also surged to a record, with Ned Naylor-Leyland, fund manager at Jupiter Asset Management, noting that when silver “captures flow, it really runs,” highlighting the smaller, more volatile market. 2
Gold-linked stocks followed suit. The VanEck Gold Miners ETF jumped 4.5%, while the iShares Gold Trust increased 2.3%. Newmont rose 3.7%, Agnico Eagle gained 2.9%, Wheaton Precious Metals added 3.6%, and Franco-Nevada climbed 2.4%.
Currencies chipped in as the dollar index dropped 0.2% to 99.011, ending a five-day rally. Investors digested the impact of the Powell investigation and its potential hit to policy credibility. 3
The rate outlook remains unsettled. Several banks have pushed back their forecasts for U.S. rate cuts into 2026, even though futures markets still anticipate easing before year-end. CME FedWatch currently puts the odds of the Fed keeping rates steady at its January meeting at around 95%. 4
But the rally isn’t without risks. Should U.S. inflation prove hotter than forecast, driving yields higher, demand for a non-interest-bearing asset could take a hit. Miners also stand to suffer if rising input costs kick in simultaneously.
Mining shares come with risks that bullion doesn’t face: operational hiccups, permitting hold-ups, and geopolitical dangers. Those factors often get overlooked when fear headlines dominate — until suddenly they can’t be.
Tuesday at 8:30 a.m. ET brings U.S. consumer price data for December. Then, the Federal Reserve meets Jan. 27-28. For gold and the “gold stock” sector, these dates are the next big checkpoints—watch for inflation numbers and any new clues on interest rates. 5
