New York, January 15, 2026, 06:10 ET — Premarket update.
- Gold-linked ETF GLD and leading miners dipped in premarket action as bullion eased off record peaks.
- The safe-haven rally that fueled the recent jump is facing pressure as Washington adopts a milder geopolitical stance.
- Traders are focused on upcoming U.S. data and the Fed’s meeting scheduled for late January for fresh market direction.
Gold-backed stocks slipped in U.S. premarket Thursday, as the bullion rally took a breather and investors digested a softer geopolitical risk environment. SPDR Gold Shares, the top gold ETF in the U.S., last changed hands at $424.68, off roughly 0.3% from its previous close. 1
Gold’s recent moves are notable, with investors snapping it up as a safe haven amid political and policy upheaval. The metal has jumped over 6% in just the first 13 days of 2026, following a 64% surge last year. Major brokerages have even suggested $5,000 could be on the horizon this year. “Real assets come to the fore… the rules are out the window,” said independent precious metals analyst Ross Norman. 2
Thursday saw the “shelter” trade lose some steam. Spot gold dropped 0.4% to $4,602.99 an ounce, stepping back from Wednesday’s record high of $4,642.72. Investors appeared to pull back amid hints the U.S. could dial down tensions that had boosted safe-haven interest. 3
U.S. President Donald Trump hinted at possibly pausing military action against Iran, while Washington delayed imposing tariffs on critical minerals, Reuters reported. Ole Hansen, head of commodity strategy at Saxo Bank, noted that metals prices dropped after Trump’s signal to hold off and following the tariff decision, which had previously driven large metal inflows into the U.S. ahead of a potential announcement. 3
Rate expectations remain the main driver. Following U.S. inflation figures this week that supported bets on Federal Reserve easing, traders now foresee two 25-basis-point cuts this year (a basis point equals one-hundredth of a percentage point). The Fed is widely expected to hold rates steady at its Jan. 27-28 meeting. “Benign CPI data” has boosted the likelihood of rate cuts, David Meger, director of metals trading at High Ridge Futures, told Reuters. 4
The rally has spread widely across precious metals. On Wednesday, gold reached new highs along with silver. “All roads are leading to gold and silver,” said Alex Ebkarian, chief operating officer at Allegiance Gold. He highlighted demand from various buyer groups and described the setup as “structural.” 5
Equities saw modest shifts, though the direction matched broader trends. GLD climbed 1.02% on Wednesday, settling at $425.94, close to its latest high. 6
Shares of Newmont slipped to $113.64 in premarket action, down 0.45% from the previous close. Agnico Eagle edged lower as well, marked at $196.99, down 0.15%. 7
Miners’ investors are eyeing more than just the latest metal price moves. Newmont will report results on Feb. 19, while Agnico Eagle is set to release theirs on Feb. 12, per Investing.com data. Costs, production figures, and guidance will probably weigh as heavily as any $20 swing in gold prices. 7
But the setup goes both ways. If the political premium fades further — or if U.S. yields rise and the Fed resists rapid easing — gold could fall sharply. Miners usually amplify those moves since their margins shift with both costs and metal prices.
