New York, Jan 26, 2026, 10:32 EST — Regular session
- Spot gold surged past $5,100 an ounce, hitting a new record in early trading
- Shares of gold miners climbed, boosted by rising bullion prices that raised revenue expectations
- Attention shifts to Wednesday’s Fed decision and Powell’s press conference
Gold surged past $5,100 an ounce on Monday, hitting a new record as investors sought refuge. The rally, which kicked off the year strong, has pushed prices to unprecedented highs in January 2026. (Reuters)
The shift is significant now as the market latches onto headlines once more — tariffs, currencies, and the Federal Reserve all in play — and gold acts as the go-to hedge when investors question the next policy move. This week’s Fed meeting cuts through the noise, with the dollar already weakening and positioning on edge.
Spot gold climbed 2% to $5,079.66 an ounce by 8:15 a.m. ET, hitting a record high of $5,110.50 earlier. U.S. gold futures for February also rose 2%, reaching $5,078.50, according to the latest Reuters snapshot. (Reuters)
The dollar’s slump gave bullion priced in greenbacks a boost, making it more affordable for those paying in other currencies. Traders kept an eye on rumors about potential U.S.-Japan moves in the forex market, while a weekend shock came after President Donald Trump warned of a 100% tariff on Canada if it goes ahead with a trade deal involving China.
“For precious metals this year, the main forces will be ‘Trump and Trump,’” said Adrian Ash, head of research at BullionVault. He noted a surge of first-time investors was pushing demand higher, with private buyers across Asia and Europe snapping up gold and silver. (Reuters)
Kyle Rodda, senior market analyst at Capital.com, described the recent rally as a “crisis of confidence” in U.S. assets triggered by last week’s tariff threat volatility. Philip Newman, director at Metals Focus, projects prices could reach about $5,500 later this year but cautions that declines may occur when investors take profits. (Reuters)
Gold’s rally boosted stocks linked to the metal. Newmont jumped 2.4%, while Barrick Mining added 2.6% in morning deals, with investors expecting higher gold prices to boost margins and cash flow across the industry. (Reuters)
Societe Generale analysts now predict gold could hit $6,000 an ounce by the end of the year. They also cautioned their forecast might be on the low side if ongoing political turmoil continues to roil markets. (Reuters)
Other precious metals heated up as well. Spot silver surged past $110 an ounce, hitting new highs, while platinum reached another record. Traders pointed to a blend of tight physical supply and momentum-driven buying behind the moves.
Gold doesn’t yield interest, so it typically shines when investors anticipate rate cuts or seek assets free from counterparty risk. The metal surged 64% in 2025 and has climbed roughly 18% year-to-date in 2026, buoyed by central bank purchases and ETF inflows.
The trade is crowded, though, and getting out might not be easy. A dip in geopolitical tensions, a sudden dollar surge, or a Fed signal delaying rate cuts could spark fast profit-taking after the recent streak of daily records.
The Fed’s policy decision is set for Wednesday, Jan. 28, with Chair Jerome Powell scheduled to speak at 2:30 p.m. ET, per the central bank’s calendar. (Federal Reserve)
The meeting is set to hold rates steady between 3.50% and 3.75%, yet investors are just as focused on the Fed’s political backdrop as on the statement. (Reuters)
