New York, Jan 27, 2026, 10:15 EST — Regular session
- Spot gold climbed roughly 1.3% to $5,079.62 an ounce in morning trading, following a push past the $5,000 mark the day before
- Bullion soared to a record high of $5,110.50 on Monday but closed the day at $5,014.29
- Investors are focusing on the Federal Reserve’s policy announcement and Chair Jerome Powell’s comments due Wednesday
Gold prices climbed on Tuesday, holding bullion above the $5,000 an ounce mark as investors sought refuge amid a new wave of trade and policy developments.
Spot gold climbed 1.3% to $5,079.62 an ounce by 9:41 a.m. EST, following Monday’s record peak of $5,110.50 and a close at $5,014.29. Meanwhile, U.S. gold futures for February slipped 0.1% to $5,075.
Gold’s surge is hitting a packed macro schedule. The Fed kicks off a two-day meeting on Tuesday, with traders eager to see if officials back expectations for rate cuts later this year.
The market’s willingness to pay for protection is under scrutiny. Investors continue snapping up gold, betting on it as a shield against political uncertainty, growth worries, and currency fluctuations — despite prices already hitting record highs.
“Rallies usually fizzle out once the initial forces pushing investors into gold fade—but that’s not happening here,” said Michael Widmer, commodities strategist at Bank of America. Reuters
Concerns resurfaced when U.S. President Donald Trump revealed plans Monday to slap new tariffs on South Korean imports. Traders are also on edge over a potential partial U.S. government shutdown as the Jan. 30 funding deadline looms.
Gold miners saw early gains in U.S. trading Monday, buoyed by bullion hitting a new record. Newmont climbed roughly 3%, while Barrick Mining added 2.3% before the market opened, according to Reuters calculations.
Fawad Razaqzada, market analyst at City Index, pointed to a softer dollar, central bank buying, and chatter about foreign-exchange intervention as reasons it’s “difficult to see what really forces this market to roll over,” outside of profit-taking. (FX intervention refers to officials stepping into markets to move a currency up or down.) Reuters
Not all investors see the bid as driven solely by fear. Ryan McIntyre, president of Sprott Inc, highlighted central bank purchases and noted that inflows into physically backed exchange-traded funds — ETFs that trade like stocks and hold bullion — have picked up again, with holdings rising roughly 20% year over year.
The rally looks stretched, and downside risks are clear. A stronger dollar, rising Treasury yields, or any Fed hint that rate cuts won’t come soon could weigh on gold, which doesn’t offer interest.
Other precious metals remained volatile following a hectic start to the week. Spot silver surged 5.7% to $109.80, having reached an all-time high of $117.69 on Monday. Meanwhile, platinum and palladium retreated from their recent peaks.
Wednesday brings the Fed’s statement and Powell’s press conference, while investors keep an eye on Washington’s Jan. 30 funding deadline for potential risk shocks.
