New York, January 26, 2026, 17:07 EST — After-hours
- Gold hit a new high over $5,100 an ounce, then slipped lower toward the end of U.S. trading
- Gold held firm, buoyed by a weaker dollar and falling U.S. yields, with traders focused on the Fed
- Gold miners like Newmont and Barrick climbed alongside the surge in bullion
Gold briefly soared past $5,100 an ounce on Monday, hitting a record high before pulling back. Spot gold climbed 1.42% to $5,053.37 after reaching $5,110.50. The dollar weakened ahead of the Federal Reserve’s expected decision to hold rates steady, as indicated by CME’s FedWatch tool. The dollar index dropped 0.22% to 97.01, and the yen gained ground as the dollar slid 1.05% to 154.09 yen. Meanwhile, the 10-year Treasury yield fell to 4.215%. Societe Generale analysts now forecast gold hitting $6,000 by year-end.
This shift is significant because bullion now stands as the market’s quick hedge against policy shocks — the go-to “safe haven” when doubts creep into currencies and risk assets. It doesn’t take much: a tariff headline, a hint of intervention, a dollar wobble.
Capital.com analyst Kyle Rodda pointed to a “crisis of confidence in the U.S. administration and U.S. assets” as the latest trigger, following a spate of tariff threats that included a weekend warning of a 100% levy on Canada. Gold has surged over 18% this year, building on a 64% gain in 2025. Metals Focus director Philip Newman expects prices to top out near $5,500 later in the year, with any dips likely short-lived. Silver hit a record $109.44 an ounce, while platinum climbed to $2,891.60, as demand for precious metals accelerated. Reuters
Ryan McIntyre, president of Sprott Inc, pointed to “elevated geopolitical and economic uncertainty” as the reason central banks remain active, shifting reserves away from the U.S. dollar. Adrian Ash, head of research at BullionVault, summed up this year’s trend as “Trump and Trump,” noting fresh first-time buyers pushing demand higher. Physically backed gold ETFs have climbed about 20% compared to a year ago. February U.S. gold futures closed up 2.1% at $5,082.50. The Fed is expected to keep rates steady this week, though its Chair Jerome Powell now faces a criminal probe tied to the Trump administration. Reuters
Gold doesn’t generate interest, which means declining yields can boost its appeal: the “opportunity cost” of holding gold falls as returns on cash and bonds shrink. On the other hand, if rates remain elevated for an extended period, bullion’s advantage can evaporate quickly.
Gold mining stocks surged in tandem with the rally in bullion prices. Newmont climbed 3%, Barrick Mining rose 2.3%, Agnico Eagle Mines gained 2.6%, and Kinross Gold jumped nearly 4%. City Index analyst Fawad Razaqzada noted that with the dollar under pressure and central banks continuing as net buyers, “it is difficult to see what really forces this market to roll over,” except for profit-taking. But he also warned that once selling begins, it could quickly snowball. Reuters
But at these elevated levels, physical demand—jewellery buyers and small investors—can get squeezed, sometimes abruptly. A firmer dollar, less volatile news, or a tougher Fed stance might spark a sharper sell-off than the recent gentle dips traders are used to.
Traders are closely monitoring any signs that yen intervention talk might turn into actual moves, since that can sharply shake the dollar and shift gold’s dynamics. ETF flows and central-bank purchases continue to be key indicators, particularly if volatility remains elevated.
The Fed’s two-day meeting takes place January 27-28, with the policy statement scheduled for 2:00 p.m. Wednesday. Chair Powell is set to speak half an hour later at 2:30 p.m., according to the central bank’s calendar. Gold traders will be tracking the initial moves in the dollar and Treasury yields as soon as the decision drops.
