Gold prices tore past another milestone in a historic rally driven by unease about international relations and the health of American institutions.
Futures for the precious metal rose 2% to surpass $5,000 a troy ounce. Fresh trade tensions and a weakening dollar may have spurred precious metals to new heights. President Trump said on Saturday he would put 100% tariffs on Canada if Prime Minister Mark Carney struck a trade deal with China.
Silver futures jumped roughly 8% Monday, pushing the metal further above the $100-a-troy-ounce milestone.
The greenback, meanwhile, weakened against a basket of currencies. Driving it down: a jump in the value of the yen, after Washington and Tokyo signaled they were prepared to intervene to support the Japanese currency. The yen responded with a rally that continued this morning.
Stock futures suggest U.S. indexes are on track to open lower. The S&P 500, Dow industrials and Nasdaq composite have fallen for two consecutive weeks.
Apple, Meta and Microsoft are among the big-name companies due to report earnings this week, and the Federal Reserve is due to give its latest rate decision. It is expected to keep borrowing costs on hold, but investors will be alert to any comments about the Justice Department investigation into Fed Chair Jerome Powell.
In recent trading:
-- The yen's upswing weighed on Japanese stocks, particularly exporters including automakers and electronics manufacturers.
-- U.S. natural-gas prices extended last week's rally after a winter storm disrupted swaths of the U.S.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
January 26, 2026 05:36 ET (10:36 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments