NEW YORK, January 1, 2026, 12:36 ET — Market closed
Gold prices ended 2025 lower and the biggest U.S. gold ETF slipped in the final session of the year, with U.S. markets shut on Thursday for the New Year holiday. Spot gold, the cash price for immediate delivery, fell about 0.8% to $4,312.39 an ounce on Wednesday and SPDR Gold Shares (GLD), an exchange-traded fund backed by bullion (physical gold), was last down about 0.6% at $396.31.
The year-end pullback matters because bullion’s rally has drawn investors looking for a safe haven — an asset they buy when they worry about stocks, growth or geopolitics. When positioning gets crowded, the unwind can be quick, and moves in gold tend to ripple into gold-linked funds and miners.
Investors are also starting 2026 with leverage in the system. A Reuters report carried by MarketScreener said the latest bout of profit-taking followed another increase in CME margin requirements — the cash traders must post to hold leveraged futures positions — which can force some investors to cut exposure. The report added that markets were pricing in two Fed rate cuts in 2026, a backdrop that typically supports non-yielding gold, which pays no interest.
Gold rebounded 0.8% on Tuesday after its biggest daily percentage drop since Oct. 21, Reuters said, and the metal had retreated from Friday’s record high of $4,549.71. Gold was up 66% in 2025 on bets the Fed will cut rates further, steady central bank buying and inflows into bullion-backed ETFs, Reuters reported. “Things have stabilised somewhat today, the trade remains generally favourable,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Reuters
Other gold plays also eased. iShares Gold Trust (IAU), an ETF backed by physical bullion, fell about 0.7% and VanEck Gold Miners ETF (GDX) slid 1.2%, while Newmont was down about 2% in the last session, according to market data.
Mining shares often magnify moves in bullion because their revenue is tied to the gold price, while operating costs can shift more slowly. That leverage helps when prices trend higher but can hurt when traders cut risk quickly in volatile markets.
Newmont will return from the holiday with a change at the top. The company said President and COO Natascha Viljoen is set to become CEO on Jan. 1, a transition investors will scrutinize when trading resumes.
Technicians are tracking whether the trend stays intact after late-December swings. MarketWatch said gold and silver ended 2025 above their 50-day moving averages — a short-term gauge of momentum watched by many traders.
Before the next U.S. session on Friday, traders will watch whether spot prices hold around the $4,300 area and whether buying returns on dips. Another step down in prices would likely sharpen focus on positioning and liquidity, especially after the CME margin moves.
The U.S. data calendar is the next macro catalyst for gold. The Employment Situation report for December is due on Jan. 9 and the CPI report on Jan. 13, while the Fed’s next policy meeting is scheduled for Jan. 27–28.
For gold stocks, earnings season is the next company-specific test after the New Year’s break. Newmont is expected to report results around Feb. 19, based on Nasdaq’s earnings calendar.
For now, traders are bracing for more two-way trade as markets reopen and liquidity normalizes after holidays. Moves in yields, the dollar and futures positioning will likely decide whether gold’s 2025 rally extends or takes a longer breather — and whether GLD and gold stocks follow suit.
