AGE Daily Gold Update

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

1/21/2026: Gold tops $4,800 on Greenland

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained another 1.5% to close near $4,832, a new record, as geopolitical tumult about the US pursuit of Greenland continued to drive safe-haven demand despite somewhat conciliatory remarks from President Trump. Silver shed 2.1% to finish at $92.21 an ounce.

Speaking at the Davos economic forum, Trump reiterated his demand that EU leaders submit to his desire to obtain Greenland. But crucially, he also ruled out the use of military means to achieve his conquest, an option he had claimed earlier to be on the table.

Wall Street breathed a sigh of relief as the faint specter of intra-NATO warfare faded. Following their worst day since last April, all three major US indexes rose more than 1% and investors stopped selling off other US assets. The dollar was nearly flat after plunging the day before.

Benchmark 10-year US Treasury yields fell slightly, boosting gold by reducing the opportunity cost for holding it instead of bonds for safety.

The National Bank of Poland approved a plan to increase its gold holdings by another 150 tonnes as it prepares for further global upheaval. Aggressive purchasing by central banks has been a primary driver in gold's record rallies in recent years as nations try to protect their currency reserves from geopolitical instability.

Platinum and palladium added 2% and 0.4%, respectively.

At the New York spot close: gold gained $72.20 to $4,831.80; silver shed $2 to $92.21; platinum picked up $48.90 top $2,480;40; and palladium rose $7.50 to $1,870.55 an ounce.

1/20/2026: Gold, silver surged to new records

Source: Bill Musgrave, American Gold Exchange

Austin — With US markets reopening after the MLK holiday, New York spot gold surged 3.7% to close at a new all-time high near $4,760 as global investors shed US assets in search of safety following President Trump's ultimatum about Greenland. Silver rocketed 7% higher to finish at $94.21, also a new record high.

To forcibly obtain Greenland, Trump has threatened eight EU nations with 10% tariffs if they continue to support the arctic island in its resistance to becoming US property. The new tariffs take effect on February 1, and escalate to 25% on June 1.

The aggressive move threatens the continued viability of NATO. The target nations are all NATO members and US allies. Greenland is a constituent country within the Kingdom of Denmark, a NATO founding member, and therefore covered by NATO's security guarantees.

Trump's reigniting of trade wars with Europe over the EU's unwillingness to violate the sovereignty of Denmark and Greenland has investors running for cover, shedding US assets. Gold and silver are widely seen as currencies of last resort during times of economic and political uncertainty.

Benchmark 10-year Treasurys sold off, pushing yields higher, as investors questioned the safety of US government debt. Typically, rising yields pressure gold by increasing the opportunity cost for holding it instead of bonds for safety. But the current situation is by no means typical.

Platinum rose 5.5% while palladium fell 1.3%.

At the New York spot close: gold gained $171.20 to $4,759.60; silver jumped $6.12 to $94.21; platinum picked up $127.70 to $2,431.50; and palladium fell $23.85 to $1,863.05 an ounce.

1/19/2026: Gold rallies on Trump NATO threats

Source: Bill Musgrave, American Gold Exchange

Austin — With US markets closed for the MLK holiday, world spot gold jumped 1.7% to more than $4,675, another new record, on safe-haven demand after President Trump threatened tariffs against NATO nations that resist his intention to acquire Greenland. Silver surged nearly 5% to more than $95.50, also a new record.

In a shocking expression of economic aggression toward US allies, Trump announced that he will levy 10% tariffs against eight European nations unless they submit to his full acquisition of Greenland by February 1. The tariffs would then escalate to 25% by June 1.

The target nations, all members of NATO, have stood behind Greenland's express desire to remain independent of the US. While Greenland is not a NATO member, it is a constituent country within the Kingdom of Denmark, a NATO founding member, and therefore covered by NATO's security guarantees.

If the US proceeds with its hostile takeover of the arctic island, whether by economic or military coercion, it will likely mean the end of NATO—something Russia has been actively seeking. EU leaders vow to resist the pressure. A series of Republican lawmakers have also voiced opposition.

The gesture has reignited the so-called "sell America" trade that began with Trump's "Liberation Day" announcement of tariffs last spring—but largely subsided after tariffs fell to manageable levels—wherein US assets are seen as risky.

The dollar fell 0.4% against major rivals as Forex traders shifted into safe-haven currencies like the Swiss franc and yen. A weaker dollar supports gold and other commodities by making them less expensive in other currencies, boosting demand overseas.

Platinum and palladium rose 1.7% and 2.3%, respectively.

World spot gold gained $79.30 to $4,675.65; silver surged $4.34 to $95.52; platinum picked up $38.67 to $2,373.95; and palladium rose $41.85 to $1,849 an ounce.

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.

1/15/2026: Gold dips after jobless claims

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold eased 0.2% to close under $4,617 after lower-than-expected jobless claims lifted Treasury yields and the dollar, spurring traders to take profits from bullion's rise to a new all-time high of $4,646.30 yesterday. Silver gained 1% to finish at $91.87, another record.

First-time filings for unemployment benefits fell last week to under 198,000, the lowest level in six weeks, suggesting that the labor market might be stabilizing. Any number under 200,000 is considered historically low. Continuing claims fell 19,000 to 1.88 million.

Chicago Fed President Austan Goolsbee said today that stable unemployment means the Fed can focus on "the most important thing," which is "to get inflation back to 2%." Atlanta Fed President Raphael Bostic, also speaking Thursday, echoed this perspective.

Benchmark 10-year Treasury yields rose on the prospect that a solidifying labor market means that the Fed can hold off on further rate cuts for now. Fed funds futures traders project two quarter-point cuts for 2026, moving the first one back to June.

Tracking higher with yields, the dollar added 0.2% against major rivals on the shifting rate view. A stronger dollar pressures gold and other commodities by making them pricier overseas, while higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds.

Safe-haven demand also slacked off after President Trump eased his interventionist rhetoric against Iran, saying he has received assurances that large-scale executions of protestors are unlikely.

Platinum added 0.9% while palladium lost 2%.

At the New York spot close: gold dipped $10 to $4,616.30; silver rose $1 to $91.87; platinum picked up $20.90 to $2,419.75; and palladium dropped $37 to $1,838.25 an ounce.

1/14/2026: Gold, silver set new records

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.8% to close above $4,626, a new record, as the dollar and Treasury yields edged down on rising geopolitical and economic uncertainty, lifting alternative stores of value. Silver surged another 5.8% to finish at a new all-time high of $90.87 an ounce.

After President Trump threatened "strong action" against Iran if it harms protestors against its government, Iran warned that it will attack American bases in neighboring countries if the US intervenes.

This latest escalation in international tension comes while Vice President JD Vance meets with leaders of Greenland and Denmark following repeated statements by Trump administration officials that the US intends to take possession of Greenland. All this after the US staged a covert military operation in Venezuela to abduct its President less than two weeks ago.

Meanwhile, global central bankers and financial officials are lining up to support Fed independence after Trump opened a criminal investigation into Fed Chair Jerome Powell with the transparent intention of adding yet more pressure to reduce interest rates. A politicized Fed is almost universally seen as having catastrophic consequences for world markets.

Wholesale prices rose slightly in November, according to delayed PPI data. Cost of goods rose 0.9%, with 80% of that rise attributable to energy prices, while wholesale costs for services remained unchanged. Separately, the Fed's Beige Book showed businesses beginning to pass along Trump tariffs to consumers in late December.

The dollar edged down 0.1% against major rivals after the yen rebounded from an 18-month low on signals that the BOJ may intervene to support the currency. A weaker dollar supports gold and other commodities by making them less expensive in other currencies.

Benchmark 10-year Treasury yields ticked lower as investors shifted toward the perceived safety of government debt. Lower yields buoy gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Platinum picked up 2.8% while palladium dipped less than 0.1%.

At the New York spot close: gold gained $37.10 to $4,626.30; silver surged $4.99 to $90.87; platinum picked up $65.05 to $2,398.85; and palladium inched down $1.10 to $1,875.25 an ounce.

1/13/2026: Gold eases on profit-taking

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold eased 0.3% to close under $4,590 after benign CPI data was offset by a stronger dollar, prompting traders to take profits from record-high prices. Silver continued to surge, adding another 1.5% to finish at a new record of $85.88 an ounce.

The consumer price index rose 0.3% in December for a 12-month inflation rate of 2.7%, mirroring November's. So-called core inflation, less volatile food and energy costs, rose 0.2% for a 12-month reading of 2.6%.

But the data was not all positive. Food prices rose by the most in more than three years and rents were also exceptionally high, reinforcing the affordability crisis affecting many Americans.

Initially, gold surged to a new intraday record above $4,634 after the modest inflation data reinforced expectations that the Fed will reduce interest rates later this year. Falling rates tend to weaken the dollar, making gold cheaper overseas, and they also lower bond yields, thereby reducing the opportunity cost for holding gold instead of bonds for safety.

But traders took profits from bullion's all-time high as the dollar strengthened behind a falling yen following news that Japanese Prime Minister Sanae Takaichi may call an early general election to capitalize on her current popularity. Takaichi is seen as a monetary dove who will cut interest rates and weaken the yen.

Silver continued its seemingly indomitable rise, reaching another record high behind increased strong investment and industrial demand, a five-year supply deficit, and a huge wave of speculative buying among retail investors in China.

Platinum and palladium slipped 0.9% and 0.1%, respectively.

At the New York spot close: gold dipped $15.10 to %4,589.20; silver surged $1.27 to $85.99; platinum shed $22.05 to $2,33380; and palladium edged down $2.20 to $1,876.35 an ounce.

1/12/2026: Gold, silver hit new records

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 2.5% to close at a new all-time high above $4,604 after President Trump threatened to indict Fed Chair Jerome Powell, raising new concerns about the independence of the US central bank. Silver rocketed 7.3% to finish at a new record of $84.61 an ounce.

In his latest move to pressure Powell, Trump has reportedly instructed the Justice Department to launch a criminal investigation into the Fed Chair because of what he calls fraudulent cost overruns in the renovation of the Fed's offices.

In a statement, Powell dismissed the possible indictment as a "pretext" to gain more influence over interest rates, which Trump wants to be slashed. He asserted that the question is whether monetary policy will be "based on evidence and economic conditions" or the result of "political pressure or intimation."

The dollar fell 0.4% against major rivals on concerns that the loss of Fed independence would undermine global faith in the US currency and finances. A weaker dollar lifts gold and other commodities by making them less expensive overseas.

The increased uncertainty about the Fed comes atop concerns about rising geopolitical turmoil following the Trump administration seizure of Venezuelan President Maduro and threats to seize control of Greenland despite its membership in NATO. Trump has also been publicly musing about intervening in civil unrest in Iran.

Platinum and palladium rose 3.3% and 2.3%, respectively.

At the New York close: gold gained $114 to $4,604.30; silver surged %.73 to $84.31; platinum picked up $77.15 to $2,355.85; and palladium advanced $42.40 to $1,878.55 an ounce.

1/9/2026: Gold rises after soft jobs data

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.9% to close above $4,490 after slower-than-forecast job growth reinforced expectations for additional monetary easing from the Fed in 2026. Bullion finished the week 4.1% higher. Silver surged 5.6% to finish at $78.88, posting a weekly rise of 11.8%.

The US economy added 50,000 jobs in December, according to the BLS nonfarm payrolls report, falling short of the 60,000 projected by most economists, and totals for November were revised down to 56,000 from the initial report of 64,000.

There is no doubt that the labor market is stuck. Only 584,000 jobs were added in 2025, averaging 49,000 per month, after 2 million jobs were added in 2024, averaging 168,000 per month. The decrease is widely attributed to the unpredictable operating environment for businesses because of ever-changing trade policies.

The Fed has repeatedly emphasized in recent month that supporting the supporting the labor market has been the driving force behind its three straight rate cuts of 25 basis point last fall. Further cuts are expected in 2026, and the December jobs report does nothing to change this outlook.

Still, with the unemployment rate ticking down to 4.4% in December from 4.5% in November despite softer job growth, the Fed is expected to wait and see for now.

The dollar added 0.2% against major rivals as on the growing likelihood that the Fed sit tight this month. Fed fund futures traders put the odds of a January rate cut at just 5%.

Benchmark 10-year Treasury yields slipped on flight to safety as investors weighed growing risks of geopolitical uncertainty—the same motivator behind the rising gold price. Falling yields lift gold by decreasing the opportunity cost for holding it instead of bonds.

The US capture of Venezuelan President Maduro, its increasing rhetoric of taking control of Greenland, the continued fighting between Russia and Ukraine, and the growing unrest in Iran are all whetting appetite for safe havens.

Platinum rose 1.8% today and 7.2% this week. Palladium added 4.5% for a weekly jump of $14.4%.

At the New York spot close: gold gained $40.60 to $4,490.30; silver rose $4.17 to $78.88; platinum picked up $41.35 to $2,278.30; and palladium climbed $78.70 to $1,603.70 an ounce.

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.