NEW YORK, Jan 12, 2026, 07:01 EST — Premarket
- Barrick Mining gained 2.9% in premarket, following a sharp rally in gold prices overnight.
- Spot gold surged past $4,600, hitting a new record as investors sought refuge in safe-haven assets.
- U.S. inflation data set for Tuesday will be the next key test for both rates and gold.
Barrick Mining shares climbed 2.9% to $49.20 in U.S. premarket trading Monday, boosted by gold hitting new highs and lifting mining stocks before the cash market opened.
This matters because gold producers often act as a lever on bullion: when the metal’s price spikes, revenue usually reacts right away, but many costs lag behind. That’s why miners often become the preferred play for investors seeking gold exposure without actually buying the metal.
Spot gold jumped 1.9% to $4,596.05 an ounce by 0931 GMT, after briefly hitting a record peak of $4,600.33. U.S. gold futures climbed 2.3%, reaching $4,606.20. “Fed independence is now openly contested,” said Zain Vawda, an analyst at MarketPulse by OANDA, citing political risks fueling interest in hard assets. Reuters
The trigger is both political and macroeconomic. Federal Reserve Chair Jerome Powell revealed that the Justice Department has issued subpoenas linked to an investigation and warned of possible criminal charges, heightening concerns over mounting pressure on the central bank.
Rate expectations remain unsettled. J.P. Morgan now sees the Fed’s next rate hike coming in 2027. Meanwhile, other major banks have pushed anticipated cuts further into 2026 following the latest U.S. jobs report. Traders assigned a 95% probability that the Fed will hold rates steady at its January meeting, Reuters said.
Gold doesn’t generate income—it pays no interest—so it tends to attract buyers when real yields are expected to drop or when investors seek protection against shocks. Monday’s surge combined both factors: the rates angle and a headline-driven move.
Barrick announced it will publish its full-year and Q4 2025 results on Feb. 5, ahead of the market open. A webcast and presentation will follow later that morning.
The report shifts focus to fundamentals: output, costs, and guidance. Investors will also scrutinize how much of the gold-price rise the company is turning into cash returns. Traders pay close attention to “all-in sustaining costs,” the industry’s comprehensive gauge of ongoing mining expenses, since it highlights margin exposure to bullion price changes.
The setup works both ways. Should inflation stay high or the dollar strengthen, gold could lose its gains fast, with miners falling even more sharply—particularly if investors grow concerned that rising costs are eating into profits.
Tuesday’s U.S. Consumer Price Index report for December 2025 arrives at 8:30 a.m. ET, setting the stage ahead of the Fed’s policy meeting on Jan. 27-28.
