Gold prices steady as traders look beyond geopolitical concerns to US data

Gold prices steadied on Wednesday, January 7, after gaining for three consecutive sessions. Spot gold increased 0.8% to hit $4,485.39 per ounce, after a 3% gain in the last session. 



Gold surged 64.4% last year, recording its best annual performance since 1979.

Traders traders looking beyond geopolitical tensions to the US economic data that is due this week. The buillion has risen over 4% in the last three session. 

After the capture of Venezuelan leader Nicolás

Maduro, the White House said Tuesday that President Donald Trump won’t rule out military force to acquire Greenland. China, meanwhile, imposed controls on exports to Japan with any military use, intensifying a dispute between Asia’s top economies.

While the geopolitical landscape remains fragile, traders are turning their attention to a busy lineup of US economic data, including the December jobs report due Friday. A gauge of manufacturing activity came in weaker than expected on Tuesday, bolstering hopes that the Federal Reserve will cut interest rates again.

Adding to these expectations, Fed Governor Stephen Miran said the US central bank would need to cut interest rates by more than a percentage point in 2026, arguing that monetary policy is restraining the economy. Three successive rate cuts last year were a tailwind for precious metals, which don’t pay interest.

Gold is fresh from posting its best annual performance since 1979, hitting a series of record highs throughout last year with support from central-bank buying and inflows to bullion-backed exchange-traded funds. Silver’s rally was even more spectacular — the white metal gained nearly 150% — as it also benefited from a shortage of metal and the potential of US import tariffs that’s keeping significant supplies locked up in New York.

Silver prices soared back above $80 on Wednesday, January 7.

Silver prices increased for the fourth consecutive day, building momentum toward its record high of $84.01 an ounce, which it hit on December 29, 2025.

The metal gained 1.8%, having risen over 13% across the previous three sessions. Retail investor appetite, especially in China, has also been a driver of silver's growth.

Silver witnessed its strongest annual gain in 2025, rising 147% on increasing industrial and investor appetite.

Silver increased 1.6% to hit $82.61 an ounce. Meanwhile, gold edged 0.1% lower at $4,490.51 an ounce as of 8.41 am in Singapore, bringing rates closer to the record high of $4,549.71, which it hit on December 24, 2025.

Palladium and platinum witnessed small gains.

With inputs from Bloomberg and Reuters