New York, Jan 12, 2026, 13:15 (ET) — Regular session
- Harmony Gold’s U.S.-listed shares climb following bullion’s new record high
- Concerns over Fed independence and rising tensions in Iran boost gold miners on safe-haven buying
- Next catalyst: U.S. CPI data arrives Tuesday
Shares of Harmony Gold Mining Company Limited climbed 9.8% to $22.71 in early afternoon trading, having peaked at $22.95, continuing a strong rally in the gold sector.
The rally came after bullion prices surged again. Spot gold climbed to a new high above $4,600 an ounce on Monday, trading 2.5% higher at $4,620.56 by 10:50 a.m. ET, having touched $4,627.27 earlier. Silver also marked a record, according to Reuters. “Elevated uncertainty plays directly into the gold market,” Michael Haigh, global head of commodities research at Societe Generale, said. (Reuters)
The Fed remains the focus. Reuters reported that uncertainty ramped up following a Trump administration criminal probe into Federal Reserve Chair Jerome Powell. The Fed is widely expected to keep rates steady at the Jan. 27–28 meeting, despite markets pricing in two rate cuts later this year. (Reuters)
Why it matters now: miners usually swing more than the metal itself. When gold ticks up, rising revenue can hit earnings fast since most mining expenses don’t change daily. That leverage flips the other way if bullion falls.
U.S. stocks showed mixed moves as investors mulled over the Fed conflict and the kickoff of earnings season. Gold miners gained some traction, with Newmont rising 3.8% in late morning trade, Reuters reported. (Reuters)
Rate expectations are shifting beneath the surface. J.P. Morgan now projects the Fed’s next move will be a hike in 2027 and has dropped its January cut call. Meanwhile, Goldman Sachs and Barclays pushed their cut forecasts back to later in 2026, according to a Reuters report. “If the labor market weakens again… the Fed could still ease later this year,” J.P. Morgan noted. (Reuters)
Harmony’s fortunes largely hinge on the gold price, along with shifts in funding conditions and risk appetite. Investors keep an eye on how fast political news spills over into the dollar and real yields—key factors that often dictate the mood for precious metals each day.
Harmony, headquartered in South Africa, runs gold mining operations both there and in Papua New Guinea. The company also generates uranium concentrate as a byproduct, per a Reuters profile. (Reuters)
But the dynamic works both ways. Should the safe-haven demand fade, gold could quickly surrender its gains — with miners often dropping even more sharply, particularly the more volatile ones.
A hotter-than-expected inflation reading is a clear risk. When yields rise, gold usually takes a hit since it doesn’t offer any interest, and that pressure often drags miners lower too, regardless of their actual performance.
Harmony plans to release its first-half fiscal 2026 results on March 11, according to its investor page. (Harmony Gold Mining Company Limited)
Traders are zeroing in on Tuesday’s U.S. Consumer Price Index report for December, set for 8:30 a.m. ET. The data could once again shift bets on interest rates and move bullion prices. (Bls)
