Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver and platinum, as well as key correlated assets.
Gold Market
Gold spot prices have traded up to $4445/oz in Monday morning’s US trading, due presumably to repositioning across commodities markets that we’re seeing in response to the new of the US’ military strike in Venezuela and arrest of Nicholas Maduro. This early rally has reclaimed a large chunk of the yellow metal’s price drop a week ago as investors and managers in liquidated profitable positions in order to lock in P&L for 2025. However there is also likely momentum being created by some number of those same (and new) market participants re-positioning to start 2026 with the expectation that gold will continue to gain in value over the year ahead. While a similarly record-breaking rise in 2026 is highlight unlikely and even a moderately profitable year-over-year gain is far from a given as many of the factors that supported gold’s bull run last year have modulated, for as long as there is still a disconnect between the market’s appraisal of the US’ monetary policy path this year (at least 2 more rate hikes) and the Federal Reserve’s public projections (just 1 hike,) the potential remains in play.
Silver Market
Silver prices are making a similar leap today, already up roughly +5% intraday to a spot price above $75. Here too, the US military’s intervention in another sovereign state and the high degree of uncertainty about what comes next in the near- to medium-term is driving investment in the traditional safe haven reputation of silver, and to some extend expectations of the Fed’s forward path towards a lower rate environment supports the Monday rally as well. Also of note, there have been a few analyst notes today predicting that silver and the platinum group metals’ markets may be subject to even higher volumes of speculative trading in 2026. It is a paradigm that may lead to higher pricing but is more certain to drive volatility in both directions.
Platinum Market
Of these three, platinum is having the biggest start to 2026. At least from the perspective of looking back over the last three months of trading. This is because not only has the grey metal picked up +7% on the day but also began from a stronger positions, having not shed nearly as much of its +120% 2025 rally while gold and silver were selling off last week. Like silver, a number of the more “intangible” drivers of Platinum’s historic 2025 performance ( the Fed’s rate path chief among them) are expected to be less impactful in the year ahead, but true fundamentals—primarily an expected imbalance of supply vs demand, globally— still look supportive of the elevated platinum market.
US Economic Data to WatchDecember Jobs Report // Friday, January 9 at 830am ET
[(NFP) consensus est.: +55K // prev.: +64K)
[(unemployment) consensus est.: 4.5% // prev.: 4.6%]And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.
