1. Gold and silver prices are strongly up, and both hit new record highs in early U.S. trading on Monday. Risk aversion is significantly elevated in the marketplace, amid tumult in the Federal Reserve and civil unrest in Iran, that are driving safe-haven demand to the precious metals markets. February gold was last up $98.30 at $4,599.30. March silver prices were up $4.85 at $84.20. Technically, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at $4,750.00. The Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,400.00. March silver futures bulls have regained power, and their next upside price objective is closing prices above solid technical resistance at $87.50. The next downside price objective for the bears is to close below solid support at $75.00.
2. Inflation eased in December as core consumer prices rose at the slowest annual rate since March 2021. The Consumer Price Index (CPI) report released by the Bureau of Labor Statistics on Tuesday showed that on a “core” basis, which excludes the more volatile categories of food and energy, consumer prices rose 0.2% over the previous month and 2.6% from a year earlier. The 2.6% increase in “core” CPI matches the rise reported in November and equals the slowest pace of annual inflation since March 2021. Economists were expecting to see a 0.3% monthly increase and a 2.7% rise over the prior year for both headline and core inflation in December, according to estimates.
3. Mortgage rates fell to their lowest level in more than three years this week after President Trump announced that Fannie Mae and Freddie Mac would buy $200 billion of mortgage bonds. The Jan. 8 post almost immediately helped stoke demand for mortgage-backed securities. Prices on the bonds rose while yields fell, which in turn helped lower mortgage rates. The average 30-year mortgage rate was 6.06% as of Wednesday, down from 6.16% the previous week. That’s the lowest level since September 2022, when mortgage rates initially broke 6% following a prolonged period of ultralow rates. The average 15-year mortgage rate, meanwhile, dropped to 5.38%, from 5.46%. The average rate on the popular 30-year fixed-rate mortgage declined to 6.06%, the lowest level since September 2022. Buyers and refinancers took notice of the sudden move lower. Mortgage applications for home purchases jumped 16% through Friday from a week earlier, and refinancing applications soared 40%, according to Mortgage Bankers Association data.
4. U.S. factory production unexpectedly increased in December amid a surge in primary metals output that offset a decline at motor vehicle assembly plants, but activity contracted in the fourth quarter against the backdrop of challenges from import tariffs. Manufacturing output rose 0.2% last month after an upwardly revised 0.3% gain in November, the Federal Reserve said on Friday. Economists polled had forecast production for the sector, which accounts for 10.1% of the economy, falling 0.2% after a previously reported unchanged reading in November.
5. The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, but that likely does not signal a material shift in the labor market, which remains in a holding pattern. Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 198,000 for the week ended January 10, the Labor Department said on Thursday. Economists polled had forecasted 215,000 claims for the latest week.
6. Oil prices tumbled more than 4% on Thursday as investors perceived the threat of military action against Iran to have eased following President Trump’s latest remarks about the regime’s handling of widespread protests. International pricing benchmark Brent crude slipped to around $63.40 per barrel, while West Texas Intermediate traded near $59 per barrel. Crude prices reversed sharply on Wednesday afternoon after President Trump said, “We’ve been told that the killing in Iran is stopping,” easing expectations of imminent U.S. intervention.
7. The Euro turns lower against the U.S. Dollar on Friday, surrendering intraday gains as renewed demand for the Greenback keeps the pair on the defensive. At the time of writing, EUR/USD is trading flat near 1.1600, after briefly sliding to its lowest level since November 28.
8. USD/JPY trades lower around 158.00 on Friday at the time of writing, down 0.40% on the day, as the Japanese Yen regains some traction against the U.S. Dollar. The move reflects increased caution among investors, with intervention risks from Japanese authorities returning to the forefront after several weeks of persistent Japanese Yen weakness.
After one of the most explosive rallies in modern market history, few investors expect gold to pull off a repeat in 2026. But many top money managers are still betting on further gains, arguing that the forces that propelled bullion to a record remain in place. Gold surged 65% in 2025, its strongest performance in nearly half a century, as retail and institutional investors piled in alongside central banks. In a year where almost every tailwind supporting the precious metal collided, from falling interest rates to geopolitical tensions, bullion even pushed through an inflation-adjusted high that had held since 1980. More than a dozen money managers, whose firms collectively manage trillions of dollars of assets, will gauge sentiment after the historic year. Most of them said they’ve opted not to take too much money off the table, holding conviction in the metal’s longer-term appeal. “We continue to expect gold to rally in 2026, as the drivers of its strong run remain intact,” said Ian Samson, a portfolio manager at Fidelity International. Samson trimmed his position during a frenzied stretch of October but has since added back, citing central bank buying, declining interest rates, and high fiscal deficits as supportive factors.
Sales of new U.S. single-family homes fell slightly in October after increasing for two straight months, though declining prices amid still-elevated inventory could support the new housing market this year. New home sales slipped 0.1% to a seasonally adjusted annualized rate of 737,000 units, the Commerce Department’s Census Bureau said on Tuesday. Sales increased to a rate of 738,000 units in September from 711,000 in August. The data was delayed by the 43-day shutdown of the government. New home sales account for a small share of U.S. home sales and tend to be volatile on a month-to-month basis. They are counted at the signing of a contract. New home sales jumped 18.7% on a year-over-year basis in October. Though mortgage rates fell in 2025, some of the stimulus from lower borrowing costs was offset by jitters over the labor market.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| Jan. 9, 2026 | Jan. 16, 2026 | Net Change | ||
| Gold | $4,484.70 | $4,581.51 | 96.81 | 2.16% |
| Silver | $79.54 | $88.66 | 9.12 | 11.47% |
| Platinum | $2,277.55 | $2,313.76 | 36.21 | 1.59% |
| Palladium | $1,821.03 | $1,789.60 | -31.43 | -1.73% |
| Dow | 49504.07 | 49359.33 | -144.74 | -0.29% |
Previous Year Comparison
| Jan. 17, 2025 | Jan. 16, 2026 | Net Change | ||
| Gold | $2,712.91 | $4,581.51 | 1868.60 | 68.88% |
| Silver | $30.33 | $88.66 | 58.33 | 192.32% |
| Platinum | $944.10 | $2,313.76 | 1369.66 | 145.08% |
| Palladium | $956.56 | $1,789.60 | 833.04 | 87.09% |
| Dow | 43487.59 | 49359.33 | 5871.74 | 13.50% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4458/4400/4292 | 78.53/74.31/69.71 |
| Resistance | 4567/4625/4734 | 84.12/88.34/93.94 |
| Platinum | Palladiumn | |
| Support | 2304/2126/1975 | 1771/1663/1507 |
| Resistance | 2455/2633/2784 | 1933/2046/2202 |