AGE Daily Gold Update

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

1/23/2026: Gold, silver surge on safety

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged another 1.4% to close at a new all-time high above $4,976 while silver jumped another 5.2% to close above $100 for the first time ever. Both metals are being propelled by unprecedented demand for alternative assets in the face of historic geopolitical turmoil. Gold ended the week 6.3% higher, its best week since 2020, while silver rocketed 14.6% higher to finish the week at $100.93 an ounce.

Fallout from the Trump administration's recent foreign policy actions, including its "special military operation" to abduct the leader of Venezuela, followed by its demand that Greenland be ceded to the US irrespective of its wishes, continue to the rattle markets.

While US demands for Greenland have apparently been retracted, NATO members are consolidating in opposition to US policies, perhaps sounding the death knell to the alliance. Fears are growing that the rules-based world order that has stabilized international relations since WWII maybe be ending.

The resulting geopolitical turmoil is introducing extraordinary uncertainty into global markets, driving investors into alternative assets. Add volatile trade policies, rising protectionism, military conflicts, and easier monetary policies over the past year, and you have a perfect storm for all four precious metals.

After rising 64% last year, gold has already risen another 20% this month. Silver, supercharged by a five-year supply deficit, has stepped out of gold's shadow, more than tripling in price over the past year. These trends are likely to continue.

The dollar tumbled another 0.6% against major rivals, posting its worst week in more than nine months, as unpredictable US policies drove Forex traders into the yen and Swiss franc. A weaker dollar lifts gold and other commodities by making them less expensive in other currencies.

Platinum picked up 5.2% today and 18.2% this week behind a supply deficit of 1.8 million ounces. Palladium added 6.3% for a weekly rise of 12.2%. Both PMGs are being swept up in safe-haven demand for gold and silver.

At the New York spot close: gold gained $67.40 to $4,976.20; silver surged $4.95 to $100.93; platinum picked up $133.75 to $2,722.10; and palladium advanced $120.15 to $2,015.15 an ounce.

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.

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.