New York, January 13, 2026, 13:56 EST — Regular session
- Spot gold surged past $4,630 an ounce, setting a new high following U.S. inflation figures; gold stocks climbed in afternoon trading
- Newmont and Agnico Eagle pushed higher, driving gains in the VanEck Gold Miners ETF
- Traders are eyeing Fed cues alongside rising futures margin requirements, bracing for the next shock
Gold shares edged higher in U.S. afternoon trading Tuesday as the gold price hit a fresh record, boosted by softer U.S. inflation data that kept hopes for Federal Reserve rate cuts alive. Newmont climbed 0.9% to $113.94, Agnico Eagle jumped 2.8% to $199.82, and the VanEck Gold Miners ETF added 1.3%. Spot gold stood at $4,591.49 an ounce at 1:31 p.m. ET, after earlier touching $4,634.33. “The reason for the slightly positive tone… was the benign CPI data,” said David Meger, director of metals trading at High Ridge Futures. (Reuters)
This move is significant because gold’s rally has moved beyond a niche play. It’s up over 6% so far in 2026, following a massive 64% jump last year. Some big brokerages are now tossing around $5,000 an ounce as a realistic target, especially if geopolitical tensions linger and central banks stay dovish. “Real assets come to the fore… The rules are out the window,” said independent analyst Ross Norman. Tim Waterer, KCM Trade’s chief market analyst, added that gold “may attempt a more sustained breach of $4,600” in the weeks ahead. (Reuters)
Central banks and ETFs have played a significant role as well. China’s central bank kept its buying streak alive for a 14th consecutive month in December, pushing holdings up to 74.15 million fine troy ounces. At the same time, the World Gold Council reported that physically backed gold ETFs attracted a record $89 billion in 2025. Total holdings, including New York’s SPDR Gold Trust, climbed to 1,073.41 metric tons by Dec. 29 — the highest level in over three years. (Reuters)
Tuesday’s inflation data showed the Consumer Price Index climbing 0.3% in December and 2.7% compared to last year. The Labor Department’s Bureau of Labor Statistics reported that “core” CPI, which excludes food and energy, edged up 0.2% for the month and 2.6% year-over-year. (Bureau of Labor Statistics)
Bids were firm across the sector outside the major miners. Wheaton Precious Metals jumped 1.9% to $130.93. Royal Gold and Franco-Nevada, both royalty-focused, gained 2.8% and 2.4%, respectively. Kinross rose 1.5%, and Gold Fields added 2.5%.
Gold surged to new heights after another record-setting finish kicked off the week. Spot gold climbed over 1% on Monday, reaching $4,563.61—a fresh peak—as investors turned to the safe haven amid geopolitical tensions and a softer U.S. jobs report that boosted bets on rate cuts. (Reuters)
Starting Jan. 13, the CME will change how it calculates margins for gold and other precious metals futures, shifting from fixed dollar amounts to a percentage of the contract value. This move, detailed in a CME notice and reported by Mining.com, means traders will need to post collateral that scales with the contract size. Exchanges usually raise margin requirements when volatility rises. (Mining)
The factors driving gold higher can flip just as fast. A rebound in yields, a Fed pushback against rate-cut bets, or easing geopolitical tensions could send gold sliding sharply. Miners tend to react even more dramatically than the metal itself. On top of that, rising margin requirements might force leveraged traders to slash their positions, accelerating the drop.
Investors are now turning their attention to the Fed’s policy meeting on Jan. 27-28, where the benchmark rate is widely expected to stay steady between 3.50% and 3.75%. The market will also be watching the January CPI figures, set for release on Feb. 11. (Reuters)
