AGE Daily Gold Update

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

1/16/2026: Gold, silver notch strong week

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.6% to close under $4,589 as Treasury yields and the dollar crept higher on shifting expectations about the future chairman of the Federal Reserve, prompting further profit-taking from record-high prices. Bullion still gained 2.2% for the week. Silver shed 4.1% to finish at $88.09, posting a weekly rise of 11.7%.

President Trump shifted gears on his possible choice for Fed Chair Jerome Powell's eventual replacement. Kevin Hassett, director of the White House National Economic Council, was widely seen as the leading candidate.

But Trump said he may keep Hassett in his current role, shifting the calculus and elevating the likelihood of former Fed governor Kevin Warsh taking the chair. Polymarket, a popular prediction market, raised Warch's odds from 44% to 59% after Trump's comments.

Benchmark 10-year Treasury yields rose on the shifting outlook as traders anticipate the Warsh, a known monetary hawk, will be less likely to slash interest rates than Hassett, who is widely viewed as a political choice. Rising yields weigh on gold by increasing the opportunity costs for holding it instead of bonds for safety.

Tracking with yields, the dollar picked up 0.1% against major rivals, pressuring gold and other commodities priced in it for global trade.

Platinum fell 4.8% today but rose 1.1% this week. Palladium slid 2.3% but still closed the week 12% higher.

At the New York spot close: gold slipped$27.90 to $4,588.40; silver shed $3.79 to $88.09; platinum dropped $115.95 to $2,303.80; and palladium lost $42.90 to $1,795.35 an ounce.