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. Silver futures also gained, jumping 8%, pushing the metal further above $100-a-troy-ounce.
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. The yen's rally began Friday and continued this morning.
Stock indexes inched higher at the open. 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 slated to report earnings this week. On Wednesday, the Federal Reserve is due to make its latest rate decision, with Chair Jerome Powell set to give his regular media conference. Investors will watch for any comments about the Justice Department investigation into him.
In recent trading:
The yen's upswing weighed on Japanese stocks, particularly exporters such as car and electronics makers.
U.S. natural-gas prices extended last week's rally as a winter storm disrupted swaths of the U.S.
Write to Joe Wallace at joe.wallace@wsj.com
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(END) Dow Jones Newswires
January 26, 2026 09:38 ET (14:38 GMT)
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