New York, January 22, 2026, 13:52 EST — Regular session
Spot gold surged above $4,900 an ounce for the first time on Thursday, reaching a new peak at $4,904.66. U.S. gold futures climbed 1.2% to $4,896.2. Silver and platinum also rallied, with spot silver gaining 3.5% to $96.45 and spot platinum jumping nearly 4% to $2,580.1. 1
Gold is reclaiming its role as the market’s preferred hedge amid a softer dollar and growing bets that the Federal Reserve will ease rates later this year. The U.S. dollar index, which tracks the dollar against major currencies, dropped about 0.4%, giving bullion priced in dollars a boost. “Geopolitical tensions, generally weak dollar, expectations for the Fed easing this year are still impacting the demand,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. 2
On Thursday, U.S. data left expectations mostly intact. Consumer spending climbed 0.5% in both November and October, while the PCE price index — the Fed’s favored inflation measure — rose 0.2% in November. Core PCE inflation stood at 2.8% year-on-year. The Commerce Department’s figures were delayed and somewhat skewed by the 43-day government shutdown. The December PCE report is scheduled for Feb. 20. 3
Separate data showed initial jobless claims ticked up by 1,000, reaching 200,000 in the latest week, with continuing claims dropping to 1.849 million. Third-quarter GDP growth was revised higher to 4.4%. Economists characterized the labor market as “low-hiring, low-firing,” keeping rates and yields squarely in metals traders’ sights. 4
Wednesday’s trading turned quickly. Gold’s earlier gains faded after President Donald Trump dialed back some tariff comments related to Greenland. Spot gold stood 0.3% higher at $4,778.51 by 3:10 p.m. ET, down from a peak of $4,887.82. Meanwhile, February futures closed up 1.5% at $4,837.50. “The announcement on the European tariffs pushed stocks up, wiped out most of the gains, and weighed on metals,” said Bob Haberkorn, senior market strategist at RJO Futures. 5
Banks are raising their targets again. Goldman Sachs bumped its end-2026 gold forecast to $5,400 an ounce from $4,900, citing private-sector diversification and central bank buying in emerging markets. The bank also expects Western ETF holdings to climb as the Fed eases by about 50 basis points (half a percentage point). “We assume private sector diversification buyers … don’t liquidate their gold holdings in 2026,” Goldman said. Still, it flagged the risk that a drop in long-term policy uncertainty could spark hedge unwinds and weigh on prices. 6
Gold-linked assets tracked the metal’s jump. SPDR Gold Shares climbed roughly 1.8% to $451.54 in afternoon trading. Miners also saw gains: Newmont added about 3.1%, and Agnico Eagle jumped nearly 3.9%.
The record run isn’t without risks. A stronger dollar, a spike in Treasury yields, or renewed profit-taking following fresh highs could swiftly temper the rally, even if the overall trend holds steady.
Traders are now eyeing the Federal Reserve’s policy meeting on Jan. 27-28 and Chair’s press conference the following day, Jan. 28. These events could reshape expectations on when rate cuts might come. 7
