New York, January 21, 2026, 10:22 EST — Regular session
- Spot gold surged past $4,800 an ounce, setting a new record and climbing roughly 2% in early U.S. trading
- Traders pointed to heightened demand for safety amid rising geopolitical and policy tensions
- Attention shifts to the Federal Reserve’s meeting on Jan. 27-28 for clues on rate direction
Gold surged past $4,800 an ounce for the first time on Wednesday, hitting fresh highs as investors flocked to safety amid rising geopolitical tensions over Greenland. By 9:30 a.m. ET, spot gold climbed 2.1% to $4,865 an ounce after peaking at $4,887.82. Meanwhile, U.S. February gold futures jumped nearly 2% to $4,858.3. RJO Futures strategist Bob Haberkorn pointed to “a bit of fear of missing out” driving the move. 1
Gold jumped after breaking past the $4,700 level the previous day, amid renewed tariff concerns and a drop in risk appetite. Analyst Fawad Razaqzada of City Index and FOREX.com highlighted $4,800 and $4,900 as key levels ahead, with $5,000 in sight further down the road. He also noted that a weakening dollar is giving gold an extra boost. 2
At the World Economic Forum in Davos, U.S. President Donald Trump dismissed using force to acquire Greenland but claimed the U.S. was best placed to take control of the territory. He also called for immediate talks on a potential purchase. 3
In Washington, the U.S. Supreme Court opened arguments on Trump’s attempt to remove Federal Reserve Governor Lisa Cook, a case stirring debate over the independence of the central bank. Lower courts had previously blocked the move, fueling investor concerns about political interference in monetary policy. 4
A Reuters poll released Wednesday found every economist surveyed expects the Fed to hold rates steady at 3.50%-3.75% during its Jan. 27-28 meeting. Many also predict no changes for at least the rest of this quarter. Jeremy Schwartz, Nomura’s senior U.S. economist, said the forecast points to a pause, with the Fed possibly “even consider[ing] putting hikes on the table” down the line. 5
Gold usually gains when interest rates drop, since it doesn’t earn any interest itself and lower yields cut the opportunity cost of holding it. But this week’s jump seems less about betting cleanly on rate cuts and more like a rush for insurance.
Other precious metals showed a mixed picture. Spot silver hovered near $94.61 an ounce, slipping back from Tuesday’s record high of $95.87. Platinum climbed roughly 1% to $2,487.05, down from an earlier peak of $2,511.80. Palladium edged lower, settling around $1,849.25.
During U.S. trading, the SPDR Gold Shares ETF jumped 2.3% to $447.30. Newmont followed, up 1.1% at $120.27, mirroring the rise in bullion.
Yet the rapid climb ups the chance of a steep drop. Should Greenland news lose steam, or if the dollar and yields bounce back, expect profit-taking to kick in fast at these elevated levels—particularly near the round numbers that often attract orders.
Investors are gearing up for the Fed’s meeting on Jan. 27-28, looking closely for any change in the outlook on how long restrictive rates will persist. 6
