NEW YORK, Jan 14, 2026, 06:22 ET — Premarket
- Gold remained close to record highs amid investor uncertainty over U.S. rate-cut prospects and escalating geopolitical tensions
- Gold-tracking ETFs held steady before the open, even as major miners edged higher.
- Traders are focused on new U.S. inflation pipeline figures and the Federal Reserve’s meeting set for late January
Gold hit a new high on Wednesday as tensions in Iran and doubts about the Federal Reserve’s independence pushed investors back into safe-haven assets. Spot gold rose 0.9% to $4,627.72 an ounce by 1001 GMT, after earlier peaking at a record $4,639.48. Meanwhile, silver climbed past $90 for the first time. Jamie Dutta, chief market analyst at Nemo.money, said the metals are benefiting from their “well-known haven characteristics.” Reuters
This shift matters for gold stocks, as the metal’s rally serves a dual purpose: acting as a hedge against political uncertainty and signaling expectations that U.S. interest rates could drop further. Since gold yields no interest, it usually gains appeal when investors anticipate looser monetary policy and seek protection from abrupt market shocks.
Inflation data from the Bureau of Labor Statistics showed the all-items CPI climbed 2.7% over the year ending December. The core CPI, which excludes food and energy, edged up 0.2% in December and increased 2.6% year-over-year.
SPDR Gold Shares dipped 0.1% to $421.63 in U.S. premarket action, and iShares Gold Trust edged down 0.2% to $86.36. On the upside, VanEck Gold Miners ETF climbed 0.8% to $96.47. Among miners, Newmont gained 1.5%, Agnico Eagle added 2.4%, AngloGold Ashanti rose 1.1%, and Wheaton Precious Metals increased 1.9%.
Political pressure on the Fed is now factored into the market. JPMorgan CEO Jamie Dimon told reporters, “Everyone we know believes in Fed independence,” cautioning that attempts to undermine it might backfire by raising inflation expectations and driving rates higher over time. Reuters
Gold kicked off 2026 with more than a 6% gain in just 13 days, building on a massive 64% surge last year. Some major brokerages are now projecting it could hit $5,000 this year. Independent analyst Ross Norman put it bluntly: “The rules are out the window.” Tim Waterer, chief market analyst at KCM Trade, noted that for gold to hold above $4,600 long-term, geopolitical tensions need to stick around and rate-cut expectations must remain intact. Physically backed gold ETFs absorbed $89 billion in 2025, according to the World Gold Council, with SPDR Gold Trust’s holdings climbing to 1,073.41 metric tons on Dec. 29—their highest level in over three years. Reuters
Central banks continue to buy gold steadily, even at current high prices. Deutsche Bank analysts noted Monday that “elevated gold prices are not yet deterring reserve managers from accumulating gold.” State Street analysts added that official-sector demand remains “sticky” as some reserve managers look to diversify away from U.S. Treasuries. Reuters
Miners still face potential volatility. While rising bullion prices boost revenue, a steep drop in gold or a quick change in rate expectations could quickly tighten leverage, particularly following a rally that’s been both sharp and heavily crowded in some areas.
Gold can easily lose steam after a rally. Should inflation pick up again or if policymakers dash expectations for looser monetary policy, the metal’s appeal can vanish fast, sparking a wave of profit-taking.
U.S. producer price data drops at 8:30 a.m. ET. Traders are eyeing the Fed’s Jan. 27-28 meeting for clues on the scale of rate cuts this year.
