NEW YORK, Jan 2, 2026, 16:38 ET — After-hours
- Gold held near record territory after paring early gains on the first trading day of 2026
- Treasury yields rose and the dollar firmed, two headwinds for bullion
- Gold-linked ETFs and miners traded higher into after-hours in the U.S.
Gold prices steadied near $4,300 an ounce on Friday as U.S. Treasury yields moved higher and the dollar firmed, muting early momentum after a record-breaking 2025 for precious metals.
The pause matters because investors are reopening risk books for 2026 with Federal Reserve policy and geopolitics back in the driver’s seat. Gold tends to draw demand when investors want a hedge against uncertainty, and when interest rates fall the metal’s lack of interest income becomes less of a disadvantage.
Spot gold was steady at $4,313.29 an ounce by 1:46 p.m. ET after rising as high as $4,402.06 earlier in the session, while U.S. February gold futures settled 0.3% lower at $4,329.60, Reuters reported. “We are continuing to see the market talk about cuts in March,” said Bart Melek, global head of commodity strategy at TD Securities. Reuters
In physical markets, India and China flipped to paying premiums over global benchmark prices after a pullback from record highs improved retail buying, Reuters reported. Indian dealers charged premiums of up to $15 an ounce, while China moved to a $3 premium, according to the report.
In U.S. after-hours trading, SPDR Gold Shares was up about 0.5%, while Newmont rose about 1.4% and Agnico Eagle gained about 0.5%, tracking bullion’s resilience near historic levels.
Newmont also disclosed a routine insider transaction after the close. Chief executive Thomas R. Palmer reported 522 shares were withheld to cover required payroll taxes tied to equity compensation, a Form 4 filing showed.
The mixed tape for miners showed up outside the U.S., too. In Canada, gold stocks fell 0.5% in thin trade and helped cap gains on the S&P/TSX Composite, even as broader markets opened 2026 modestly higher, Reuters reported.
Higher yields are the main near-term drag for bullion. When Treasury yields climb, investors can earn more in interest-bearing assets, raising the “opportunity cost” of holding gold, which does not pay interest.
Still, traders have kept a bid under gold on expectations that U.S. rates have further to fall this year. That support can be fragile day to day, and Friday’s price action showed how quickly bullion can give back gains when the dollar strengthens.
Next up, investors are bracing for a busy U.S. calendar that could reset rate expectations. The monthly jobs report is due on Jan. 9 and the U.S. consumer price index is due on Jan. 13, Reuters reported, while Fed funds futures — derivatives tied to the policy rate outlook — imply little chance of a cut at the late-January meeting but close to a 50% probability of a quarter-point cut in March.
For gold, the question is whether incoming data keeps the Fed on a cutting path or forces a rethink. A hotter inflation print or firmer labor data could lift yields again and pressure bullion, while weaker numbers would likely revive demand for the metal and gold-linked stocks.
In the near term, traders are watching whether bullion can hold above the $4,300 area as liquidity returns after the holidays. Gold’s outsized 2025 move means positioning remains crowded, and that can amplify swings when fresh macro headlines hit.
