Gold prices are rising steadily; silver has broken through the $90 mark.
2026-01-15 00:08:39
Gold prices rose and silver prices surged in early U.S. trading on Tuesday (January 14), both hitting record highs. Silver bulls are currently targeting the $100 per ounce mark. Current geopolitical tensions, including the unrest in China and the U.S.'s active pursuit of Greenland after removing the Venezuelan dictator, have fueled continued risk aversion in the market. February gold futures were last quoted up $25.90 to $4,625 per ounce; March silver futures rose $5.312 to $91.65 per ounce.
The US Producer Price Index is about to be released.
The U.S. Bureau of Labor Statistics will release delayed data today, showing that the U.S. Producer Price Index (PPI) is expected to rise 0.2% month-over-month in November, a slowdown from the 0.3% increase in September. Due to the U.S. government shutdown, the data release was delayed; the October data will be released along with the November report. The core PPI, excluding food and energy, is also expected to rise 0.2% month-over-month, compared to 0.1% in September. Year-over-year, the overall U.S. producer inflation rate is expected to remain stable at 2.7%, while the core producer inflation rate is expected to rise slightly to 2.7% from the previous 2.6%.
Trump pressures Iran
Trump threatened action over Iran's rising death toll. On Tuesday, Trump urged Iranian dissidents to continue their opposition to the regime of Supreme Leader Khamenei, saying he would "take over your institutions if possible," adding that he would "take appropriate action" after assessing the number of demonstrators killed. This came after Trump posted on Real Social Media, appealing to the Iranian people that "aid is coming," but without specifying what he was referring to.
The metals market is surging, with silver breaking through $90.
This morning, the metals market continued its strong upward trend—gold, silver, copper, and tin all hit record highs. Investors are betting on further interest rate cuts in the US and a recovery in sentiment in Chinese financial markets, which is expected to boost the metals market. The report stated, "Since the end of 2025, commodity prices have risen sharply, and traders expect the Federal Reserve to cut interest rates further in 2026 to boost US economic growth. This has provided support for the base metals market. Meanwhile, renewed criticism of the Federal Reserve by the Trump administration and the increasingly tense geopolitical backdrop have also benefited the precious metals market." Overnight, silver prices surged as much as 5.3%, breaking the $90 per ounce mark for the first time, and gold also hit a new record high. Among base metals, tin performed the best, with gains reaching as high as 6%, while copper prices also resumed their upward trend. Improved demand in manufacturing sectors, including growth areas such as artificial intelligence, is expected to benefit many metal commodities.
Greenlandic and Danish diplomats met today with Vance and Rubio.
Danish Foreign Minister Lars Løkke Rasmussen and his Greenland counterpart, Vivian Motzfeldt, will meet with US Vice President Vance and Secretary of State Rubio at the White House today. Hours earlier, the Greenlandic Prime Minister stated that if forced to choose between the two, Greenland would choose Denmark. The goal of Greenlandic and Danish diplomats is to convince US officials that there is no need to take over Greenland. President Trump has stated that the US must acquire Greenland for defense purposes. However, Denmark maintains that a comprehensive defense agreement dating back to 1951 already allows the US to use the territory based on defense needs—making any takeover meaningless. The report states, "Greenland and Denmark appear to have ruled out two possibilities: selling the islands or achieving a de-escalation through independence. Regardless of the offer, the Greenlandic people refuse to sell their land, and independence is currently on hold." The report also notes, "One proposed 'fallback plan' is for Greenland to offer Trump a mining deal similar to the one in Ukraine—the US would gain mining rights to the island's rare earth resources in exchange for security guarantees. Such an agreement would allow Trump to claim victory without annexation and shift the focus from geopolitics to commercial interests."
The yen fell to an 18-month low against the dollar as Japanese officials warned speculators.
Following news of a snap election for the Japanese prime minister, the yen fell to its lowest level against the dollar in 18 months, prompting the Japanese finance minister and chief foreign exchange official to issue new warnings to speculators. Bloomberg reported that on Wednesday, Satsuki Katayama told reporters, "We do not rule out any means and will take appropriate measures to address excessive volatility, including speculative behavior." This suggests that direct market intervention is one of the viable options. She added, "We also raised this issue with the prime minister today… The sudden exchange rate fluctuations on January 9th were completely unrelated to economic fundamentals and are deeply worrying." Subsequently, Atsushi Mimura, a senior official at the Ministry of Finance responsible for yen affairs, also reiterated that no action was ruled out, supporting Katayama's position. Despite the Bank of Japan raising interest rates to their highest level in 30 years and the Federal Reserve lowering US interest rates, downward pressure on the yen continues. Shorting the yen accelerated after Sanae Takaichi became a leading candidate for prime minister last October. Takaichi is known for supporting fiscal and monetary stimulus policies. Recent reports that she will call a snap election in February have further reinforced expectations that her expansionary policies will continue, leading to a further weakening of the yen.
Key external market developments today
The dollar index fell slightly; crude oil prices rose, trading around $62.00 a barrel; the benchmark 10-year U.S. Treasury yield is currently at 4.18%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
February gold futures: The bulls' next upside target is a close above the key resistance level of $4750.00. The bears' near-term downside target is to push futures prices below the key technical support level of $4400.00. Initial resistance is seen at the overnight all-time high of $4647.60, followed by $4675.00; initial support is seen at today's low of $4594.30, followed by $4550.00.
March silver futures: Bulls hold a clear technical advantage, with the next upside target being a close above the key technical resistance level of $100.00. Bears' next downside target is a close below the key support level of $80.00. Initial resistance is seen at $92.50, followed by $94.00; initial support is seen at the overnight low of $86.75, followed by $85.00.
Note: The gold market operates primarily through two pricing mechanisms. The spot market offers prices for immediate purchase and delivery; the futures market determines prices for delivery on a specific future date. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December contract.
The US Producer Price Index is about to be released.
The U.S. Bureau of Labor Statistics will release delayed data today, showing that the U.S. Producer Price Index (PPI) is expected to rise 0.2% month-over-month in November, a slowdown from the 0.3% increase in September. Due to the U.S. government shutdown, the data release was delayed; the October data will be released along with the November report. The core PPI, excluding food and energy, is also expected to rise 0.2% month-over-month, compared to 0.1% in September. Year-over-year, the overall U.S. producer inflation rate is expected to remain stable at 2.7%, while the core producer inflation rate is expected to rise slightly to 2.7% from the previous 2.6%.
Trump pressures Iran
Trump threatened action over Iran's rising death toll. On Tuesday, Trump urged Iranian dissidents to continue their opposition to the regime of Supreme Leader Khamenei, saying he would "take over your institutions if possible," adding that he would "take appropriate action" after assessing the number of demonstrators killed. This came after Trump posted on Real Social Media, appealing to the Iranian people that "aid is coming," but without specifying what he was referring to.
The metals market is surging, with silver breaking through $90.
This morning, the metals market continued its strong upward trend—gold, silver, copper, and tin all hit record highs. Investors are betting on further interest rate cuts in the US and a recovery in sentiment in Chinese financial markets, which is expected to boost the metals market. The report stated, "Since the end of 2025, commodity prices have risen sharply, and traders expect the Federal Reserve to cut interest rates further in 2026 to boost US economic growth. This has provided support for the base metals market. Meanwhile, renewed criticism of the Federal Reserve by the Trump administration and the increasingly tense geopolitical backdrop have also benefited the precious metals market." Overnight, silver prices surged as much as 5.3%, breaking the $90 per ounce mark for the first time, and gold also hit a new record high. Among base metals, tin performed the best, with gains reaching as high as 6%, while copper prices also resumed their upward trend. Improved demand in manufacturing sectors, including growth areas such as artificial intelligence, is expected to benefit many metal commodities.
Greenlandic and Danish diplomats met today with Vance and Rubio.
Danish Foreign Minister Lars Løkke Rasmussen and his Greenland counterpart, Vivian Motzfeldt, will meet with US Vice President Vance and Secretary of State Rubio at the White House today. Hours earlier, the Greenlandic Prime Minister stated that if forced to choose between the two, Greenland would choose Denmark. The goal of Greenlandic and Danish diplomats is to convince US officials that there is no need to take over Greenland. President Trump has stated that the US must acquire Greenland for defense purposes. However, Denmark maintains that a comprehensive defense agreement dating back to 1951 already allows the US to use the territory based on defense needs—making any takeover meaningless. The report states, "Greenland and Denmark appear to have ruled out two possibilities: selling the islands or achieving a de-escalation through independence. Regardless of the offer, the Greenlandic people refuse to sell their land, and independence is currently on hold." The report also notes, "One proposed 'fallback plan' is for Greenland to offer Trump a mining deal similar to the one in Ukraine—the US would gain mining rights to the island's rare earth resources in exchange for security guarantees. Such an agreement would allow Trump to claim victory without annexation and shift the focus from geopolitics to commercial interests."
The yen fell to an 18-month low against the dollar as Japanese officials warned speculators.
Following news of a snap election for the Japanese prime minister, the yen fell to its lowest level against the dollar in 18 months, prompting the Japanese finance minister and chief foreign exchange official to issue new warnings to speculators. Bloomberg reported that on Wednesday, Satsuki Katayama told reporters, "We do not rule out any means and will take appropriate measures to address excessive volatility, including speculative behavior." This suggests that direct market intervention is one of the viable options. She added, "We also raised this issue with the prime minister today… The sudden exchange rate fluctuations on January 9th were completely unrelated to economic fundamentals and are deeply worrying." Subsequently, Atsushi Mimura, a senior official at the Ministry of Finance responsible for yen affairs, also reiterated that no action was ruled out, supporting Katayama's position. Despite the Bank of Japan raising interest rates to their highest level in 30 years and the Federal Reserve lowering US interest rates, downward pressure on the yen continues. Shorting the yen accelerated after Sanae Takaichi became a leading candidate for prime minister last October. Takaichi is known for supporting fiscal and monetary stimulus policies. Recent reports that she will call a snap election in February have further reinforced expectations that her expansionary policies will continue, leading to a further weakening of the yen.
Key external market developments today
The dollar index fell slightly; crude oil prices rose, trading around $62.00 a barrel; the benchmark 10-year U.S. Treasury yield is currently at 4.18%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
February gold futures: The bulls' next upside target is a close above the key resistance level of $4750.00. The bears' near-term downside target is to push futures prices below the key technical support level of $4400.00. Initial resistance is seen at the overnight all-time high of $4647.60, followed by $4675.00; initial support is seen at today's low of $4594.30, followed by $4550.00.
March silver futures: Bulls hold a clear technical advantage, with the next upside target being a close above the key technical resistance level of $100.00. Bears' next downside target is a close below the key support level of $80.00. Initial resistance is seen at $92.50, followed by $94.00; initial support is seen at the overnight low of $86.75, followed by $85.00.
Note: The gold market operates primarily through two pricing mechanisms. The spot market offers prices for immediate purchase and delivery; the futures market determines prices for delivery on a specific future date. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December contract.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
