AGE Daily Gold Update

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

1/22/2026: Gold closes atop $4,900

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rallied 1.6% to close near $4,909, another all-time high, as geopolitical turmoil continued to stoke safe-haven demand while weakening the dollar and Treasurys. Silver surged 4% to finish at $95.98 an ounce.

Uncertainty in global markets continue to reverberate in the aftermath of President Trump's aggressive overtures to acquire Greenland, despite his backtracking on the use of both force and tariffs to achieve his ends.

After upending trade and security relations with US allies yet again, the President declared that he has received assurances of mineral rights and expanded military bases in Greenland. As a result, he will no longer impose additional tariffs on NATO members or invade the arctic island.

US equity markets cheered for a second day, relieved at the prospect of possibly normalizing relations. But many investors were not buying it. Statements by world leaders at the annual Davos conference, where much of the Greenland drama played out, revealed that trust in the full faith and credit of the US has been damaged, perhaps irrevocably.

Benchmark US Treasury yields rose as the "sell America" trade continued. In normal times, rising yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety. But not today. Demand for safe havens apart from US assets continued to drive investors into gold and silver.

Solid US economic data also pressured Treasurys. GDP increased 4.4% in Q3, slightly higher than previously reported. Consumer spending rose 3.5%.

Goldman Sachs raised its target price for gold from $4,900 to $5,400 by year end, citing retail investment demand and aggressive central bank purchases.

Platinum and palladium rose 0.3% and 1.3%, respectively.

At the New York spot close: gold gained $77 to $4,908.80; silver surged $3.77 to $95.98; platinum picked up $7.95 to $2,588.35; and palladium rose $24.50 to $1,895.05 an ounce.