Gold is doing something weird. Honestly, if you looked at your portfolio this morning, you probably saw a lot of red, but the yellow metal is screaming.
What is the price of spot gold today? As of early Tuesday, January 13, 2026, spot gold is hovering around $4,593.81 per ounce.
Just yesterday, it actually smashed through the $4,600 ceiling for the first time in human history, peaking at a staggering $4,629.94. We’re seeing a tiny bit of profit-taking right now—basically big players cashing out their chips after a massive run—which has dragged the price down about 0.3% to 0.5% from that peak. But don't let the "dip" fool you. The floor has moved.
The Federal Reserve Drama No One Expected
You’ve probably heard the rumors, but it’s actually happening: there is a criminal investigation into Federal Reserve Chair Jerome Powell. This isn't just typical Washington bickering. It’s a full-blown crisis regarding the independence of the central bank.
The White House wants lower rates. The Fed has been hesitant. Now, with the administration opening a probe into Powell, the market is freaking out.
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Investors hate uncertainty. When people stop trusting the US dollar or the stability of the people who print it, they buy gold. It’s the oldest reflex in finance. We’re seeing a massive rotation out of traditional US assets and into bullion because, frankly, gold doesn’t have a board of directors or a political party.
Why $4,600 Gold is the New Normal
It’s not just the Fed drama. If you look at the broader picture, 2026 is turning into a perfect storm for precious metals.
- Geopolitical Flares: Between the US detention of Nicolás Maduro in Venezuela and the escalating anti-government protests in Iran, the "fear index" is pinned.
- The Iran Tariff Threat: President Trump recently suggested a 25% tariff on any country doing business with Iran. That’s a massive grenade tossed into global trade.
- Central Bank Buying: 95% of central banks surveyed by the World Gold Council say they plan to increase their gold reserves this year. They aren't just "holding"; they are accumulating.
Kyle Rodda, a senior analyst at Capital.com, noted this morning that while some folks are booking short-term profits, the dips are being bought up almost instantly. That tells you the "smart money" thinks we’re going higher.
Silver and the "Poor Man's Gold"
Silver isn't sitting this one out, either. It nearly touched $85.00 yesterday before settling back to around $84.85 today. The "gold-to-silver ratio" is still wide, but the momentum is clearly there. If you think gold is expensive, silver is acting like its hyperactive little brother, following every move with twice the volatility.
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What Most People Get Wrong About Gold Prices
A lot of casual observers think gold only goes up when the world is ending. That's a half-truth.
Gold is also reacting to the softening US labor market. The latest jobs report showed an unemployment rate of 4.4%. While that sounds okay, it’s high enough to make the Fed lean toward those June and September rate cuts.
When interest rates drop, "non-yielding assets" like gold become much more attractive. Why hold a bond paying 3% if inflation is 2.7% and the dollar is devaluing? You wouldn't. You’d buy something that can't be printed out of thin air.
Is $5,000 Next?
Citi recently raised its three-month target for gold to $5,000 per ounce. Goldman Sachs is sitting at $4,900.
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It sounds crazy. A year ago, $3,000 felt like a stretch. But we are in a regime shift. We are seeing "de-dollarization" move from a conspiracy theory to a line item on central bank balance sheets.
Technical Support Levels to Watch
If you’re looking to buy the dip, keep an eye on these numbers:
- $4,585: This is the immediate support level. If it holds here, we likely see another run at $4,650 by the end of the week.
- $4,500 - $4,550: This was the old record high back in December. It’s a massive psychological floor.
- $4,350: If things really cool off, this is where the long-term trendline sits.
Honestly, the "unorthodox" fiscal policy coming out of DC right now is the biggest tailwind. As long as the market doubts the Fed's independence, the price of spot gold today is likely just a pit stop on the way to much higher valuations.
Actionable Steps for Today's Market
If you’re holding physical gold, now is the time to sit tight. Selling into this much momentum usually leads to "seller's remorse" when the price jumps another $100 the following Tuesday.
For those looking to get in:
- Avoid the "FOMO" Buy: Don't market-buy when the price is at a lifetime high. Wait for these 0.5% pullbacks like we’re seeing today.
- Check the Premiums: Physical coins (like American Eagles) are seeing high premiums right now because of the demand. You might find better value in "junk silver" or gold ETFs (like GLD) if you just want price exposure without the 10% markup for a shiny coin.
- Watch the CPI: We have inflation data coming out later this week. If that number comes in hot, the dollar might bounce, giving you a slightly better entry point on gold.
The market is volatile, but the trend is your friend. And right now, the trend is painted in 24-karat yellow.