Gold rose to around $4,360 per ounce on the first trading day of 2026, extending its bullish momentum from its strongest annual performance in more than four decades. The metal gained about 65% last year, fueled by sweeping global US tariffs, expectations of lower US borrowing costs, persistent geopolitical uncertainty, sustained central bank buying, and renewed inflows into gold-backed exchange-traded funds. Early this week, minutes from the FOMC’s December meeting, showed growing openness among policymakers to easing monetary policy if inflation continues to cool, although officials remained divided over the timing and scale of potential rate cuts. On the geopolitical front, the US recently stepped up enforcement against Venezuela’s oil trade, while renewed Russia-Ukraine strikes over the New Year period targeted Black Sea ports and key energy infrastructure.
