January 30, 2026 — Global Markets Update
Gold prices slipped on Friday as the U.S. dollar firmed, yet the precious metal remained on track for its most dramatic monthly rally in nearly half a century. Investors, rattled by ongoing geopolitical tensions and economic uncertainty, have flocked to gold as a safe-haven asset.
Market Snapshot
- Spot gold eased 0.9% to $5,346.42 per ounce after hitting a record high of $5,594.82 the day before.
- Despite the pullback, gold has soared 24% in January, its strongest monthly advance since January 1980, and is set for a sixth consecutive month of gains.
- U.S. gold futures (Feb delivery) rose 1.3% to $5,390.80 per ounce.
- Silver dipped 0.2% to $115.83 per ounce, but remains up 62% this month, its best-ever monthly performance after touching a record $121.64.
- Platinum fell 0.9% to $2,606.15, while palladium edged up 0.5% to $2,016.69.
Driving Forces
- The dollar index strengthened after the Federal Reserve held interest rates steady, though it is still heading for a second weekly decline.
- Fed Chair Jerome Powell noted that December inflation remained well above the 2% target.
- U.S. jobless claims fell last week, signaling resilient employment, though weak hiring continues to weigh on consumer sentiment.
- Rising geopolitical risks—particularly U.S. deliberations over possible actions against Iran—have amplified investor demand for safe-haven assets.
Global Trade & Forecasts
- Swiss gold exports jumped 27% in December, with shipments to Britain hitting their highest level since 2019.
- UBS raised its gold price forecast to $6,200 per ounce for March, June, and September 2026, citing stronger-than-expected investment demand.
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