New York, Jan 27, 2026, 10:15 EST — Regular session
- Spot gold climbed roughly 1.3% to $5,079.62 an ounce in morning trading, following a push past the $5,000 mark the day before
- Bullion soared to a record high of $5,110.50 on Monday but closed the day at $5,014.29
- Investors are focusing on the Federal Reserve’s policy announcement and Chair Jerome Powell’s comments due Wednesday
Gold prices climbed on Tuesday, holding bullion above the $5,000 an ounce mark as investors sought refuge amid a new wave of trade and policy developments. 1
Spot gold climbed 1.3% to $5,079.62 an ounce by 9:41 a.m. EST, following Monday’s record peak of $5,110.50 and a close at $5,014.29. Meanwhile, U.S. gold futures for February slipped 0.1% to $5,075. 1
Gold’s surge is hitting a packed macro schedule. The Fed kicks off a two-day meeting on Tuesday, with traders eager to see if officials back expectations for rate cuts later this year. 1
The market’s willingness to pay for protection is under scrutiny. Investors continue snapping up gold, betting on it as a shield against political uncertainty, growth worries, and currency fluctuations — despite prices already hitting record highs. 1
“Rallies usually fizzle out once the initial forces pushing investors into gold fade—but that’s not happening here,” said Michael Widmer, commodities strategist at Bank of America. 1
Concerns resurfaced when U.S. President Donald Trump revealed plans Monday to slap new tariffs on South Korean imports. Traders are also on edge over a potential partial U.S. government shutdown as the Jan. 30 funding deadline looms. 1
Gold miners saw early gains in U.S. trading Monday, buoyed by bullion hitting a new record. Newmont climbed roughly 3%, while Barrick Mining added 2.3% before the market opened, according to Reuters calculations. 2
Fawad Razaqzada, market analyst at City Index, pointed to a softer dollar, central bank buying, and chatter about foreign-exchange intervention as reasons it’s “difficult to see what really forces this market to roll over,” outside of profit-taking. (FX intervention refers to officials stepping into markets to move a currency up or down.) 2
Not all investors see the bid as driven solely by fear. Ryan McIntyre, president of Sprott Inc, highlighted central bank purchases and noted that inflows into physically backed exchange-traded funds — ETFs that trade like stocks and hold bullion — have picked up again, with holdings rising roughly 20% year over year. 3
The rally looks stretched, and downside risks are clear. A stronger dollar, rising Treasury yields, or any Fed hint that rate cuts won’t come soon could weigh on gold, which doesn’t offer interest. 1
Other precious metals remained volatile following a hectic start to the week. Spot silver surged 5.7% to $109.80, having reached an all-time high of $117.69 on Monday. Meanwhile, platinum and palladium retreated from their recent peaks. 1
Wednesday brings the Fed’s statement and Powell’s press conference, while investors keep an eye on Washington’s Jan. 30 funding deadline for potential risk shocks. 1
