New York, Jan 29, 2026, 17:06 EST — After-hours
- Spot gold slipped 1.3% to $5,330 an ounce, retreating from an all-time high of $5,594
- Bullion remains roughly 24% higher this January; silver, platinum, and palladium have dipped.
- Traders are focused on Iran risk, the Fed pick Trump will announce next week, and the U.S. funding deadline set for midnight Friday
Gold dipped on Thursday as investors cashed in profits following a record peak, stretching the recent bout of volatile swings at month-end; the metal remains roughly 24% higher for January. Spot gold slipped 1.3% to $5,330.20 an ounce by 1:30 p.m. ET, after hitting a high of $5,594.82 earlier and dropping to $5,109.62. U.S. gold futures closed down 0.3% at $5,318.40. Silver fell 2.1% to $114.141, while platinum and palladium slid 3.2% and 3.7%, respectively. “We are seeing a dramatic sell-off after precious metals made new recent all-time highs,” said David Meger, director of metals trading at High Ridge Futures. Reuters
That pullback is significant since gold’s rapid climb has pushed price levels into risky territory. Gold serves as a safe-haven—where investors stash cash amid rising fear—but those sharp moves can also trigger short-term momentum plays and forced liquidations.
Geopolitical tensions have been driving the market. Trump called on Iran to strike a nuclear deal, warning that any future U.S. strike would be “far worse.” In response, Iran threatened retaliation against the U.S., Israel, and their allies. Reuters
Spot gold jumped 4% to $5,393.19 on Wednesday, while U.S. February futures climbed 4.3% to $5,303.60, despite the Federal Reserve keeping rates unchanged. “The rally in the precious metals has kind of taken on a life of its own,” said Peter Grant, vice president and senior metals strategist at Zaner Metals, though he warned gold appeared overbought. Tether plans to put 10%–15% of its investment portfolio into physical gold, and Standard Chartered flagged some silver signals hinting at a short-term price correction. Reuters
New figures show investment demand for gold is more than just a blip. The World Gold Council reported that global demand hit a record 5,002 metric tons in 2025, up 1%. Investment demand soared 84% to 2,175 tons, with gold-backed ETFs—traded like stocks—pulling in 801 tons. John Reade, senior market strategist at the WGC, said, “The biggest question this year will be whether investment demand is strong enough.” Reuters
Politics is shaping the outlook for rates. Trump said he plans to name his pick to succeed Fed Chair Jerome Powell next week, telling a cabinet meeting, “We’re going to be announcing the head of the Fed … next week.” Reuters reported the shortlist includes four candidates: BlackRock fixed-income chief investment officer Rick Rieder, former Fed governor Kevin Warsh, Fed governor Christopher Waller, and White House economic adviser Kevin Hassett. Reuters
In Congress, a funding package appeared unlikely to clear the Senate due to a standoff over immigration, Reuters reported. Without spending bills passed by midnight Friday, a partial government shutdown looms.
Gold and silver futures in India surged 6% to new peaks, driven by rising global prices and the rupee hovering close to historic lows. Domestic gold futures climbed to 175,869 rupees per 10 grams, while silver futures soared to 407,456 rupees per kg.
The pace of the rally presents its own risks. If real yields—that is, inflation-adjusted returns on government bonds—climb, or if headline tensions ease, the market could see a sharper pullback, forcing leveraged longs to unwind positions.
All eyes shift to Friday’s U.S. producer price index, set for release at 8:30 a.m. ET, as traders hunt for signs of inflation pressure and potential Fed moves. Just behind are Washington’s midnight funding deadline and Trump’s Fed-chair pick, expected next week.
