By Joe Wallace
Gold prices tore past another milestone, with tariff threats against Canada and the possibility of a fresh U.S. government shutdown adding fuel to the metal's historic rally.
Futures for the precious metal rose 2% to surpass $5,000 a troy ounce for the first time., settling at $5,079.70. Silver futures soared 14%, its biggest one-day jump in 40 years, to a fresh record above $115 a troy ounce.
Macro concerns didn't trip up stocks however, as the three major benchmarks rose on the day, led by the Dow Jones Industrial Average. The blue-chip index added 0.6%, with the S&P 500 moving 0.5% higher and the Nasdaq composite rising 0.4%.
President Trump said on Saturday he would put 100% tariffs on Canada if Prime Minister Mark Carney struck a trade deal with China.
The dollar 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.
Back in the U.S., natural-gas prices extended last week's rally as a winter storm disrupted swaths of the country, disrupting flights and leaving thousands without power. Futures for February delivery have roughly doubled from a week ago.
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(END) Dow Jones Newswires
January 26, 2026 16:09 ET (21:09 GMT)
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