New York, January 6, 2026, 06:38 EST — Premarket
- GLD and IAU up about 2.6% in premarket trading as spot gold holds near a one-week high
- Flows have been uneven: GLD led weekly ETF outflows despite bullion’s sharp run into year-end
- Next catalysts: U.S. payrolls on Friday, CPI on Jan. 13, and the Fed’s Jan. 27–28 meeting
U.S.-listed gold exchange-traded funds climbed in premarket trading on Tuesday, tracking a fresh leg higher in bullion as investors weighed rate-cut expectations against rising geopolitical risk. SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) were both up about 2.6% before the opening bell, while spot gold was up 0.1% at $4,452.60 an ounce after a near 3% jump in the previous session. ActivTrades analyst Ricardo Evangelista pointed to “safe-haven demand” and “rising bets on Federal Reserve rate cuts.” Bullion hit a record $4,549.71 on Dec. 26 and ended 2025 up 64%. Reuters
The moves matter because gold ETFs have become the market’s fastest on-ramp to bullion exposure for many investors, letting them buy or sell like a stock without handling bars, insurance, or storage.
Flows suggest conviction is not uniform. GLD posted $829.83 million of net redemptions in the week ended Jan. 2, the biggest outflow among U.S.-listed ETFs, according to FactSet data compiled by ETF.com. TradingView
Gold ETFs come in several forms, but the largest U.S. products are physically backed trusts that hold gold in vaults and aim to track spot prices, minus fees. State Street data showed GLD had about $152.6 billion in assets under management and a net asset value of $409.75 as of Jan. 5. SSGA
Traders now turn to U.S. data for the next push. The Labor Department’s calendar shows the December employment report is due at 8:30 a.m. ET on Friday, followed by the December CPI report on Jan. 13, while the Fed’s next policy meeting is scheduled for Jan. 27–28. Bureau of Labor Statistics
Geopolitics remains the other swing factor. On Monday, gold surged after the U.S. captured Venezuelan President Nicolás Maduro over the weekend, and KCM Trade chief market analyst Tim Waterer said “gold and silver are viewed as a solid hedge against uncertainty” when markets face “high degrees of instability.” Reuters
But the rally can reverse quickly if U.S. data revive inflation worries or push Treasury yields and the dollar higher. That mix tends to sap demand for non-yielding gold, and ETF holders can cut exposure in a single session.
For gold ETF traders, the next test is whether bullion can regain momentum toward the late-December record near $4,550 after Friday’s payrolls report, with the Fed’s Jan. 27–28 meeting close behind.
