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.
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. Investing.com
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.
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. Reuters
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. Reuters
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. Reuters
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.
