New York, Jan 15, 2026, 13:11 EST — Regular session
- GLD slipped roughly 0.4% in afternoon trading as gold pulled back from its record highs
- Spot gold slipped as U.S. jobless claims dropped more sharply than anticipated, boosting the dollar
- Next week’s postponed core PCE inflation data and the Fed’s meeting later this month have investors on edge
SPDR Gold Shares (GLD) dropped roughly 0.4% to $424.10 during early afternoon trading in New York on Thursday, following a modest dip in gold prices.
Spot gold slipped 0.1% to $4,614.97 an ounce by late morning, easing off a record high of $4,642.72 hit the previous day. U.S. February gold futures dropped 0.3% to $4,619.80. The dollar index, measuring the greenback against major currencies, climbed to its strongest level since Dec. 2. Peter Grant at Zaner Metals described this as “a bit of a headwind” for gold. He also highlighted Poland’s announcement to boost its gold reserves to 700 tons. 1
U.S. initial jobless claims dropped by 9,000 to a seasonally adjusted 198,000 last week, well below the 215,000 economists had predicted. Continuing claims stood at 1.884 million. Following the data, the dollar strengthened against a basket of currencies while Treasury yields showed mixed moves, as traders turned their attention to upcoming inflation indicators—most notably next Thursday’s delayed core PCE report. 2
Geopolitics remains priced in, but the focus has moved quickly. President Donald Trump told Reuters he isn’t planning to fire Federal Reserve Chair Jerome Powell, even with a Justice Department criminal probe underway. Still, he admitted it’s “too early” to decide his next move. 3
Trump said the killings in Iran’s crackdown on protests were slowing down and indicated a “watch” stance, cooling some of the rush to safe-haven assets that had driven gold prices up. 4
The rally this week wasn’t a surprise. Softer U.S. inflation numbers earlier boosted expectations for Fed rate cuts, pushing gold and silver to new record highs. David Meger from High Ridge Futures pointed to the “benign CPI data” as a key factor increasing the likelihood of rate reductions. 5
Gold miners and related funds showed choppier moves than the metal itself. VanEck Gold Miners ETF (GDX) dipped around 0.1%. Newmont slipped roughly 0.4%. Agnico Eagle Mines gained about 1.5%, but AngloGold Ashanti dropped close to 0.8%.
The flip side is just as real. Should the dollar continue its climb and real yields rise, gold-backed ETFs could keep bleeding, with miners trailing as equity risk reenters the picture.
The calendar is tight for traders: inflation data remains patchy after the recent shutdown, leaving markets scrambling for clear signals. The Fed’s meeting on Jan. 27-28 stands as the crucial checkpoint for rates. That event is expected to have a bigger impact on gold—and GLD—than any single news item. 6
