NEW YORK, January 2, 2026, 13:40 ET — Regular session
- Spot gold was up 0.3% near $4,328/oz around midday after hitting $4,402 earlier.
- Gold ETFs edged higher, while major U.S.-listed miners lagged with modest declines.
- Traders are watching the January 9 U.S. jobs report and January 13 CPI for the next rates signal.
Gold prices rose in early 2026 on Friday, with spot gold up 0.3% at $4,328.49 an ounce by 12:24 p.m. ET after earlier touching $4,402.06.
The move matters because bullion is starting the year near record territory after a blistering 2025 run, and investors are resetting positions around the outlook for U.S. interest rates. Gold hit an all-time high of $4,549.71 on December 26 and gained 64% in 2025, Reuters reported.
Traders are focused on rate-cut expectations because gold does not pay interest; lower yields reduce the opportunity cost of holding it. Markets are anticipating at least two quarter-point cuts from the Federal Reserve this year, Reuters said.
“We are continuing to see the market talk about cuts in March and maybe another cut later this year,” Bart Melek, global head of commodity strategy at TD Securities, said. He pointed to tariff-related worries and U.S. debt concerns as factors feeding demand across precious metals. Reuters
Gold also drew support from geopolitical headlines, including unrest in Iran and the absence of a Russia-Ukraine peace deal, along with issues surrounding Gaza, Reuters reported.
On the futures side, U.S. gold futures for February delivery were little changed at $4,339.60 an ounce. Spot prices refer to metal for immediate delivery, while futures are contracts tied to a set delivery month.
In U.S. trading, the SPDR Gold Shares ETF was up 0.21% at $397.15, while iShares Gold Trust rose 0.20% to $81.33. Both funds traded off their session highs, with GLD earlier touching $404.72.
Gold-linked miners were mixed to lower even as bullion held gains. Newmont slipped 0.46%, while Franco-Nevada fell 1.28% and Wheaton Precious Metals shed 1.48%.
Technicians are watching whether the rally can clear the next ceiling. Jim Wyckoff, a senior analyst at Kitco Metals, said February gold futures bulls were targeting a close above “resistance” — a price area where selling has previously emerged — at the contract record high of $4,584. Reuters
In the physical market, premiums returned in key Asian hubs after a pullback from record highs, a sign of improved retail interest. Indian dealers charged premiums of up to $15 an ounce this week, while China flipped to a roughly $3 premium, Reuters reported.
After the late-December surge, precious metals were on track for weekly losses, Reuters noted, keeping the focus on whether macro data can validate the new-year bid.
Next up is a dense U.S. calendar that could reset expectations for the Fed. The Employment Situation report for December is due January 9, followed by the consumer price index on January 13, according to the U.S. Bureau of Labor Statistics schedule.
