NEW YORK, Jan 14, 2026, 13:46 EST — Session ongoing.
Gold prices surged to a new high on Wednesday as safe-haven buying pushed gold-linked stocks higher amid growing bets on U.S. rate cuts. Spot gold climbed to $4,641.40 an ounce, last gaining 0.7% at $4,619.73 by 11:08 a.m. ET. Spot silver also hit a fresh record, reaching $92.23, and was up 5.6% at $91.797. “All roads are leading to gold and silver,” said Alex Ebkarian, chief operating officer at Allegiance Gold. (Reuters)
This matters because the latest U.S. inflation data keeps the “soft landing” story intact, while still leaving room for possible rate cuts. The core Consumer Price Index, which excludes food and energy, climbed 0.2% in December and was up 2.6% year-over-year. Meanwhile, the overall CPI rose 0.3% for the month and 2.7% compared with last year. (Bureau of Labor Statistics)
Policy remains the key driver. The Federal Reserve is widely expected to keep rates steady at its Jan. 27-28 meeting. Still, the latest CPI report has solidified bets that rate cuts could come later this year, despite the Trump administration launching a criminal probe into Fed Chair Jerome Powell, Reuters noted. “Fed officials … are reserving judgment” until more inflation data comes in, said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets. (Reuters)
SPDR Gold Shares (GLD), the gold-backed ETF that mirrors bullion prices, climbed 0.9% to $425.52.
Gold miners lagged behind. The VanEck Gold Miners ETF (GDX) slipped 0.06% to $96.41.
Newmont slipped 0.8%, closing at $113.69.
Agnico Eagle dropped 1.6%, closing at $195.89, after hitting a session low of $194.21.
U.S. data released Wednesday did little to settle the debate over the Fed’s next move. Retail sales jumped 0.6% in November, outpacing expectations, while producer prices ticked up 0.2%. These reports came late, delayed by the 43-day government shutdown, Reuters noted. “The new tax law will boost refunds the most for higher-income groups,” said Michael Pearce, chief U.S. economist at Oxford Economics.
The Labor Department reported that the Producer Price Index, which tracks inflation at the wholesale level, increased by 0.2% in November and climbed 3.0% compared to a year ago. The next update, covering December 2025, will be released on Jan. 30. (Bureau of Labor Statistics)
Some metal traders are already bracing for a pullback after gold’s recent surge. “Technical indicators (are) screaming correction,” said Hugo Pascal, a precious metals trader at InProved. David Meger, metals trading director at High Ridge Futures, highlighted “benign CPI data” as a key factor supporting prices. Meanwhile, Commerzbank lifted its year-end 2026 gold forecast to $4,900, Reuters reported. (Reuters)
CME Group is changing how it calculates margins for gold, silver, platinum, and palladium futures, switching from a fixed dollar amount to a percentage of notional value, Bloomberg reported. This move follows recent price spikes and increased volatility. The new performance bond rules will kick in after the market closes on Jan. 13. (Bloomberg)
The rally is looking crowded at these levels. Should the Fed resist easing rate-cut bets or yields climb, bullion could dive quickly. Miners typically react even more sharply than the metal once investors begin trimming risk.
The Fed’s upcoming meeting on Jan. 27-28 and the January 2026 CPI report, set for Feb. 11, are next on the calendar. December’s wholesale inflation figures arrive Jan. 30, as shutdown delays clear out. (Bureau of Labor Statistics)
