Gold is expensive. Like, "we might never see $2,500 again" expensive. If you’ve been waiting for a "dip" back to the prices of 2024, I’ve got some tough news for you. As of today, January 15, 2026, the metal markets are behaving in ways that would have looked like a fever dream just two years ago.
What is the price of gold and silver today?
Right now, gold is hovering around $4,611.87 per ounce. It’s been a wild ride this morning, with the spot price touching $4,625 earlier before some traders decided to take their profits and run. Silver is doing its own thing, sitting at **$91.06 per ounce**. Think about that. Silver was under $30 not that long ago. Now, people are casually talking about "the march to $100" like it’s a foregone conclusion.
It’s easy to look at these numbers and think we’re in a bubble. Maybe we are. But when you look at why this is happening—real, messy reasons like the "Powell probe" and the resource nationalism in China—the prices start to feel less like a spike and more like a new floor.
The Morning Breakdown: Gold and Silver Spot Prices
Let's look at the actual numbers as they sit on the ticker. These change by the second, so if you're looking at a physical coin shop, expect to pay a premium on top of these.
Today's Gold (USD):
- Per Ounce: $4,611.87
- Per Gram: $148.28
- Per Kilo: $148,275.06
Today's Silver (USD):
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- Per Ounce: $91.06
- Per Gram: $2.93
- Per Kilo: $2,927.40
Honestly, the silver price action is the real story of 2026 so far. It has been outperforming gold on a percentage basis for weeks. We saw it hit $93.05 yesterday before a sharp 8% intraday reversal that shook out the "weak hands." That kind of volatility is enough to give any retail investor a heart attack, but it’s becoming the standard for the "white metal."
Why $4,600 Gold is the New Normal
You’ve probably heard people blaming "inflation" for everything. That's part of it, sure. But the real driver behind what is the price of gold and silver today is a massive loss of faith in institutions.
There’s a lot of chatter right now about the independence of the Federal Reserve. With the ongoing Justice Department probe into Chair Powell's previous testimonies, big money is spooked. When the person in charge of the dollar is under a microscope, the dollar starts to look a lot less like a safe place to park cash.
Then you have the geopolitical mess. President Trump’s recent signals on Iran and Venezuela have added a layer of "regime uncertainty" that basically forces fund managers to buy gold. It’s their insurance policy. If things go sideways in the Middle East or if trade wars with China escalate into "resource nationalism," gold is the only thing that doesn’t rely on a government's promise to pay.
Silver's Secret Weapon: The AI Squeeze
Silver isn't just a "poor man's gold" anymore. It's an industrial powerhouse. If you're reading this on a phone or a laptop, you're looking at a device that needs silver to function.
The surge in AI technology, electric vehicles, and renewable energy has created a structural deficit. We simply aren't mining enough silver to keep up with the demand from data centers and green tech. China has even started putting export restrictions on silver. They know how valuable it is for the future of tech.
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Jamie Dutta, a chief market analyst at Nemo, recently pointed out that these aren't just "haven" moves. It’s a strategic squeeze. If you're a manufacturer and you can't get silver, you can't build. That’s why we’re seeing $10 premiums being paid in Shanghai. The metal is flowing East, and it’s not coming back anytime soon.
What Most People Get Wrong About These Prices
A lot of folks see $4,600 gold and think they "missed the boat."
They look at the 85% gain over the last 12 months and wait for a crash. But J.P. Morgan Global Research is already forecasting gold to average $5,055 by the end of this year. They’re even whispering about $6,000 in 2027.
The mistake is thinking about gold as a trade. It’s not. It’s a "debasement observation," as Ned Naylor-Leyland of Jupiter Asset Management puts it. The price isn't necessarily going "up" as much as the value of the currency is going "down." If it takes 4,600 dollars to buy what 2,500 dollars bought a few years ago, the problem isn't the gold. It's the dollars.
The Retail Reality: Buying Physical vs. Paper
If you try to go buy a one-ounce American Silver Eagle today, you aren't going to get it for $91. You’ll probably pay closer to $105 or $110. The "spot price" is for 1,000-ounce bars in a vault in London or New York. For the average person, the physical supply is tight.
Gold is a bit better, but the premiums on small fractional coins (like 1/10 oz) are getting ridiculous. Most experts are now suggesting that if you just want price exposure, look at miners like Pan American Silver (PAAS). They’re seeing record free cash flows because their costs to get the metal out of the ground haven't risen as fast as the price of the metal itself.
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Navigating the Volatility: A Strategy for 2026
Is it too late? Kinda, if you wanted "cheap" metal. But maybe not if you’re looking for protection.
The market veterans at RiddiSiddhi Bullions suggest waiting for "corrective dips." We just had one in silver where it dropped from $93 back toward $86 in a single day. Those are the moments to move.
- Stop chasing green candles. When you see gold up $50 in a morning, stay away.
- Watch the $4,500 support level. If gold stays above $4,500, the uptrend is healthy. If it breaks below, we might see a larger correction.
- Think in ounces, not dollars. The goal of most long-term holders isn't to sell back for more dollars; it's to have a specific weight of metal that preserves purchasing power.
What to Watch Next
Keep a close eye on the upcoming earnings from companies like Nvidia. If the tech giants report a slowdown in AI infrastructure, silver might take a temporary hit. Also, watch the Fed’s next move. If they actually follow through with the projected rate cuts despite inflation, gold is going to fly.
The "super-cycle" is here. Whether it’s $5,000 gold or $100 silver, the milestones are closer than they’ve ever been.
To take the next step in managing your precious metals strategy, you should audit your current portfolio's "paper-to-physical" ratio. Ensure that no more than 10-15% of your total wealth is tied up in these volatile assets, and consider looking into vaulted storage options if you are planning to purchase more than 50 ounces of silver, as physical bulk is becoming a logistical challenge for home storage at these new valuations.