New York, January 22, 2026, 10:20 EST — Regular session
- Spot gold held steady just below $4,850 an ounce, recovering slightly after slipping from Wednesday’s record high.
- Risk appetite picked up once Trump stepped back from tariff threats related to Greenland, easing pressure on safe-haven assets.
- New U.S. PCE inflation figures put the Fed-rate discussion back in focus just days before next week’s policy meeting.
Gold prices hovered close to record highs on Thursday following an early dip, with investors balancing easing tariff concerns against new U.S. inflation data.
This is key since gold’s climb to repeated highs has been fueled as much by politics and trade news as by interest-rate expectations. With the metal pricey and positioning crowded, even minor changes in risk sentiment are shaking up prices fast.
Gold’s rally is reflected in the paper market as well. SPDR Gold Shares, the biggest U.S.-listed gold-backed ETF, climbed roughly 0.4% to $445.2 in late-morning trades, according to data from Twelve Data. 1
Spot gold ticked up 0.2%, reaching $4,849.28 an ounce, based on JM Bullion pricing. 2
Gold eased earlier as traders cashed in gains following Wednesday’s record peak of $4,887.82. By 8:57 a.m. ET, spot gold had dipped 0.4% to $4,819.39, Reuters noted, after U.S. President Donald Trump stepped back from tariff threats linked to Greenland and risk appetite improved. Bart Melek, global head of commodity strategy at TD Securities, summed it up as “less appetite for gold and some profit-taking.” 3
The U.S. inflation data came out mid-morning, showing the Personal Consumption Expenditures (PCE) price index — the Fed’s favored measure — climbed 0.2% in November and was up 2.8% compared to last year, according to Reuters. Core PCE, which strips out food and energy, also increased 0.2% month-over-month and 2.8% year-over-year. The report’s release was pushed back because October and November figures were combined following a 43-day U.S. government shutdown. 4
U.S. data fed the “no haste” narrative on rates. Weekly initial jobless claims inched up by 1,000 to 200,000, while continuing claims dropped to 1.849 million. Reuters reported the third-quarter GDP growth was revised upward to a 4.4% annual rate. Following the data, the dollar slipped and Treasury yields mostly declined. 5
Goldman Sachs lifted its gold price target for the end of 2026 to $5,400 an ounce, up from $4,900, citing private-sector buying and central bank diversification in emerging markets. The bank projects central banks will buy an average of 60 tonnes in 2026 and factors in a 50-basis-point Fed rate cut that year; a basis point equals one-hundredth of a percentage point. However, Goldman cautioned that a sharp easing in perceived long-term policy risks could prompt hedge position unwinds, pushing prices down. 6
Bulls face a real risk if this mood shift lasts. Should equities continue rising on tariff relief and the dollar strengthen once more, gold could quickly lose its appeal—particularly with traders already holding sizable gains.
Up next: the Federal Reserve. The FOMC gathers January 27-28, with the rate announcement and Chair’s press conference scheduled for January 28, per the Fed’s calendar — a crucial moment to see if officials back the market’s bet on rate cuts later this year. 7
