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. 1
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. 1
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. 1
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. 2
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. 3
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. 3
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. 4
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. 5
