Gold stayed close to record highs on January 13, 2026. Investors reacted to renewed political pressure on the Federal Reserve. The metal traded around $4,590 an ounce after a 2% jump the day before. Fed Chair Jerome Powell said a possible investigation into his actions could be politically motivated.
What is Driving the Market
Investors are worried that President Trump’s calls for lower interest rates could make it harder for the Fed to control inflation. As a result, traders are moving into safe-haven assets like gold and silver. The U.S. dollar weakened and Treasury yields fell. Analysts expect these factors to keep affecting precious metals prices in the near term.
Silver and Other Metals
Silver went up along with gold. It gained after a 6.7% jump the day before. Short-term traders and speculative moves are making the market more volatile. Futures data show prices could keep swinging. Last year’s gains from geopolitical risks, central bank buying, and trade uncertainty are still helping keep prices high.
Changes in Futures Margins
The CME Group is changing how it calculates margins for gold, silver, platinum, and palladium futures. Starting after January 13, margins will be based on a percentage of contract value instead of a fixed dollar amount. This change is meant to better reflect current prices and reduce risk in volatile markets.
Outlook
Citigroup analysts say gold could reach $5,000 an ounce and silver $100 in the coming months. Safe-haven demand and trading momentum are driving this outlook. If geopolitical tensions ease, demand for hedging could drop, especially for gold.
Bottom Line
Gold and silver are holding strong because of political uncertainty, Fed pressure, and market volatility. Investors should keep an eye on U.S. monetary policy and futures margin changes, as these are likely to continue moving prices in early 2026.
