AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

1/8/2026: Gold steady ahead of payrolls data

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold held steady near $4,500 despite upticks in Treasury yields and the dollar as investors weighed rising geopolitical risks ahead of tomorrow's release of crucial US payrolls data. Silver shed 3.1% to finish at $74.72 an ounce.

Global tensions ratcheted up after the US seized another pair of tankers linked to Venezuela, one flagged as Russian, in the Trump administration's latest attempt to control Venezuelan oil.

In addition, aggressive overtures by Trump to take control of Greenland on the pretext of national security continue to rile Europe. And tensions between Japan and China remain at the highest level since World War Two after Tokyo signaled that a Chinese invasion of Taiwan could trigger a military response.

HSBC said today that gold could reach $5,000 by mid-2026 on increasing geopolitical turmoil and rising US debt levels.

Against this backdrop, investors eagerly await tomorrow's release of the December nonfarm payrolls report for clues on the coming direction of interest rates. A Reuters poll forecasts a modest 60,000 jobs added, fewer than Novembers 64,000, with a slightly drop in the unemployment rate to 4.5%.

Fed funds futures trading projects 65 basis points in rate cuts in 2026, more than the Fed's own projection of 25. But further weakening of the labor market could trigger deeper cuts, which would benefit gold and silver by weakening the dollar and lowering yields.

The dollar rose 0.3% against major rivals, capping gold's rise by making it pricier overseas. Benchmark 10-year Treasury yields inched up slightly, adding additional headwinds for the gold price.

Platinum fell 0.7% while palladium was virtually flat.

At the New York spot close: gold added 40 cents, to $4,449.70; silver shed $2.42 to $74.72; platinum slipped $16.45 to $2,236.95; and palladium picked up 80 cents to $1,757.45 an ounce.