New York, Jan 13, 2026, 10:04 EST — Regular session
Gold held above $4,600 an ounce on Tuesday after U.S. inflation data, keeping a bid under the sector in early New York trade. Spot bullion was at $4,622.79, up 0.5%, MarketScreener data showed. 1
The latest leg follows Monday’s record run, when investors rushed into havens after uncertainty around the Fed sharpened. Gold hit an all-time high of $4,629.94, and “elevated uncertainty plays directly into the gold market,” said Michael Haigh, global head of commodities research at Societe Generale. 2
U.S. inflation stayed at 2.7% in December and core inflation eased to 2.6%, the Financial Times reported, a read that nudged Treasury yields and the dollar lower. Markets are pricing in two Fed rate cuts for 2026 after three cuts last year, the paper added. 3
Gold-tracking ETF SPDR Gold Shares rose about 0.7%, while the VanEck Gold Miners ETF added 2.1%. Newmont gained 1.5% and Agnico Eagle climbed 2.3%; Royal Gold and Franco-Nevada were both higher, and Gold Fields advanced 2.7%.
A modest dollar rebound after hawkish Fed remarks has been a brake on bullion, said ActivTrades analyst Ricardo Evangelista, while investors kept one eye on Russia’s most intense missile strikes on Ukraine this year. Another headline driver: President Donald Trump said any country that does business with Iran will face a 25% tariff on trade with the United States, Reuters reported. 4
Royal Gold, which sells streams tied to mines rather than digging itself, issued an update on stream sales for the quarter ended Dec. 31 and on its balance sheet, an SEC filing showed. The company also flagged rationalization of non-core assets in the same release. 5
CME Clearing told members it will shift precious-metals futures margins from a flat dollar amount to a percentage of contract value, effective after Tuesday’s close. Margin — the cash traders must post to carry a position — can matter in a fast market because higher requirements can force some investors to cut exposure.
Big brokerages are now openly talking about $5,000 gold in 2026, leaning on safe-haven demand, easier money and strong buying from central banks and ETFs. China’s central bank extended its buying to a 14th straight month in December and annual inflows into physically backed gold ETFs surged to $89 billion in 2025, the World Gold Council data showed; SPDR Gold Trust holdings hit a three-year high late last year. 6
But the run is crowded. A hotter inflation patch, a firmer dollar or a pullback in geopolitical risk could draw profit-taking, and margin changes can turn orderly selling into something quicker.
Traders are watching the Fed’s Beige Book on Jan. 14 and the Jan. 27-28 policy meeting, when the central bank will again face pressure over its independence and its next move on rates. The press conference is scheduled for Jan. 28, according to the Fed’s calendar. 7
