NEW YORK, January 25, 2026, 12:13 EST — Market closed.
- Spot gold climbed 0.6% on Friday, edging closer to $5,000 following a new record high.
- U.S. gold futures closed up, while silver surged past the $100 an ounce mark.
- Attention shifts to the Fed’s upcoming decision and Jerome Powell’s remarks scheduled for midweek.
Gold enters the new week just below $5,000 an ounce following another record close on Friday, with safe-haven demand still holding strong as markets reopen.
The Federal Reserve is widely expected to hold interest rates steady, but all eyes are on Chair Jerome Powell’s remarks as President Donald Trump intensifies his pressure on the central bank, according to the Reuters Morning Bid podcast. (Reuters)
Powell is set to speak following the Fed’s interest-rate announcement on Wednesday, Jan. 28, per Investopedia’s week-ahead calendar. Key U.S. data releases on consumer confidence and the producer price index are also scheduled, both capable of influencing expectations on the pace of upcoming Fed rate cuts. (Investopedia)
Spot gold climbed 0.6% to $4,964.81 an ounce on Friday, having hit a record $4,988.17 earlier in the session. February U.S. gold futures closed up 1.4% at $4,979.70. Tai Wong, an independent metals trader, said, “Gold’s role as a haven and a diversifier in uncertain times is making it a necessity for strategic portfolios.” (Investing)
Silver surged past $100 an ounce on Friday for the first time, prompting some analysts to caution that the pace seemed unsustainable. StoneX’s Rhona O’Connell called the rally “a self-propelled frenzy,” while others warned the sharp rise could falter if momentum fades. (Reuters)
The rally in bullion has boosted mining stocks. Canada’s benchmark index closed at a record high Friday, buoyed by a 1.7% jump in the materials sector as gold hit new highs. Shares of Barrick Mining climbed 3.1%, according to Reuters. (Reuters)
Gold offers no interest, so investors typically compare it to cash and government bonds. When traders anticipate rate cuts, real yields—returns adjusted for inflation—often decline, making bullion more attractive to hold.
The recent rally has been linked to geopolitical tensions, such as disagreements between the United States and NATO over Greenland, alongside renewed doubts about the Fed’s independence. Persistent tariff uncertainties have also driven some investors to seek hedges beyond the dollar.
The trade is crowded at this point. A stronger dollar, an unexpected jump in U.S. inflation, or a hawkish Powell could trigger profit-taking after gold’s rise toward a key round-number level that traders keep an eye on.
Wednesday’s Fed statement and Powell’s press conference stand out as the next major catalyst. Eyes then turn swiftly to U.S. data toward the week’s end — Friday’s producer price index in particular — to gauge if rate-cut expectations require adjustment.
