NEW YORK, Jan 23, 2026, 10:07 EST — Regular session
- Gold stayed just under the $5,000-an-ounce level following yet another record surge.
- Silver stayed close to $100 as a weaker dollar and safe-haven demand bolstered bullion.
- Focus shifts to the Federal Reserve next week, alongside early signals of physical demand emerging in Asia.
Gold prices steadied on Friday, hovering close to a record and remaining near the $5,000 mark as investors clung to safe-haven assets despite volatile moves throughout the week.
This shift is significant as gold now serves as a sharp indicator of how aggressively markets are betting on hedges—not only against inflation but also policy and geopolitical risks. The timing is notable, coming just days ahead of the Federal Reserve meeting, where investors will scrutinize any signals about the future rate trajectory and the Fed’s flexibility.
A steady move past $5,000 would signal a fresh leap for bullion, following a rally that has boosted other precious metals and tightened local supply in physical markets.
Spot gold climbed $19.77, or 0.4%, reaching $4,963.94 an ounce by 10:05 a.m. ET, according to JM Bullion. 1
U.S. gold futures climbed roughly 0.85% to near $4,955. The dollar index dipped to 98.12, making dollar-priced metals cheaper for buyers outside the U.S. 2
Gold hit a new peak earlier at $4,967.03 an ounce, driven by momentum buying and safe-haven demand, Reuters reported. Tai Wong, an independent metals trader, described the move as “more than a perfect storm,” saying the surge reflects “fundamentally changing times.” Analysts at SP Angel highlighted growing concerns about U.S. policy and confidence in government debt; since gold yields no interest, it often gains when investors anticipate lower rates. 3
The rally hasn’t been one-sided. On Thursday, spot gold dropped 0.4% to $4,819.39 after risk appetite picked up. U.S. President Donald Trump eased off on threats of Greenland-related tariffs, prompting some traders to lock in gains, Reuters reported. Bart Melek, TD Securities’ global head of commodity strategy, said the move sparked “less appetite for gold and some profit-taking.” 4
In India’s physical markets, dealers reported premiums soaring to $112 an ounce above official domestic prices — the highest level since May 2014. This spike reflects tight local supply as investors rushed to buy ahead of a potential import duty increase in the Feb. 1 budget. “Demand was really strong this week and ran ahead of supply,” said Chanda Venkatesh, managing director at Hyderabad-based bullion merchant CapsGold. 5
Wall Street is stepping up. Goldman Sachs bumped its year-end 2026 gold forecast to $5,400 an ounce, up from $4,900. The bank points to private-sector diversification and emerging market central banks snapping up gold. It also expects gold-backed ETFs to see inflows if the Fed cuts rates—a 50-basis-point move means a half-point drop. Goldman assumes buyers “don’t liquidate their gold holdings in 2026.” 6
The very positioning that fueled the rally could backfire. Should tariff concerns ease or the Fed step up resistance to rate-cut expectations, the dollar might bounce back, prompting investors to unwind hedges and exposing gold to a steep drop.
Traders are zeroing in on the Fed’s upcoming Jan. 27–28 meeting, eager to dissect the statement and Chair Jerome Powell’s comments for clues on inflation, economic growth, and the Fed’s policy stance. 7
Investors will then turn to India’s Feb. 1 budget for guidance on import duties and to gauge if physical demand can match the record prices — and whether $5,000 holds as a ceiling or sets a new floor.
