NEW YORK, Jan 27, 2026, 06:04 EST — Premarket
Gold prices stayed above $5,100 an ounce in early New York trade Tuesday, with spot gold — the immediate delivery price — rising 1.51% to $5,104.10 by 6:00 a.m. EST. Bullion.com
Gold eased back after hitting a fresh record high of $5,110.50 on Monday, as investors snapped up bullion amid U.S. policy uncertainty and global geopolitical strains. The market stayed jittery following U.S. President Donald Trump’s recent tariff threats, including a potential increase in duties on South Korean imports. Concerns over Iran also fueled demand, noted analyst Zain Vawda at MarketPulse by OANDA. February gold futures barely moved, trading near $5,089, while silver surged to $112.57 after topping $117.69 earlier in the session. BMI, part of Fitch Solutions, anticipates prices will soften once supply pressures ease. Reuters
This matters now since gold reacts sharply to U.S. rates and the dollar. Because it doesn’t yield any interest, gold typically gains appeal when investors expect borrowing costs to drop or remain low for an extended period.
Monday’s uptick came as much from flows as fear. Ryan McIntyre, president at Sprott Inc, noted central banks remain “strong buyers,” diversifying their reserves. He added physically backed ETFs have seen inflows pick up, with holdings up roughly 20% year on year. Adrian Ash at BullionVault put it bluntly: the key driver is “Trump and Trump,” citing tariff threats and currency swings sparking fresh demand. Reuters
Gold’s rally has been blistering, even for its own history. It soared 64% in 2025 — the biggest annual leap since 1979 — fueled by looser monetary policies, relentless central-bank buying (including China’s 14th straight month of purchases in December), and a spike in ETF demand. Kyle Rodda, senior market analyst at Capital.com, pointed to “this crisis of confidence in the U.S. administration and U.S. assets” as a major driver. Reuters
This market can flip fast. A stronger dollar, climbing Treasury yields, or any hint that geopolitical tensions are easing might trigger profit-taking after the recent sharp rise.
At the moment, tariff headlines act like a trigger for traders. A change in stance on duties or a quick escalation in the Middle East can send gold prices jolting within minutes, often before the U.S. market even opens in earnest.
The Federal Reserve stands as the next major trigger. It will unveil its policy decision at 2:00 p.m. ET this Wednesday, followed by Chair Jerome Powell’s press conference at 2:30 p.m. Federal Reserve
For now, bullion will probably track movements in the dollar, U.S. yields, and ongoing trade and geopolitical news.
