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PRECIOUS-Gold, silver and platinum extend record-setting rally
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PRECIOUS-Gold, silver and platinum extend record-setting rally
Mar 11, 2026 1:27 AM

Jan 23 (Reuters) - Gold notched another record high on

Friday, while silver and platinum also extended gains to hit

all-time peaks, powered by geopolitical and economic

uncertainties, a weaker dollar and bets for U.S. Federal Reserve

interest rate cuts.

FUNDAMENTALS

* Spot gold was up 0.5% at $4,961.57 ‌per ounce, as of

0057 GMT, after scaling a record $4,966.59 earlier in the day.

* U.S. gold futures ​for February delivery added 1.1%

to $4,964.60 per ounce.

* EU leaders heaved a sigh ‍of relief over U.S. President

Donald Trump's U-turn on Greenland ⁠as they met ⁠for an emergency

summit in Brussels late on Thursday while issuing a warning that

they were ready ‌to act if Trump was to threaten ​them again.

* Trump for his part said he had secured total and permanent

U.S. access to Greenland in a deal with ⁠NATO, whose head said

allies would ‍have to ​step up their commitment to Arctic security

to ward off threats from Russia and China.

* But the details of any agreement were unclear ‍and Denmark

insisted its sovereignty over the island was not up for

discussion.

* U.S. consumer spending increased solidly in November and

October, likely keeping the economy on track for a third

straight quarter of strong growth, but the labor market is still

stuck in what economists and policymakers have termed a

"low-hiring, low-firing" ​state.

* The ‍dollar index fell to a more than two-week low

on Friday, making greenback-priced metals cheaper for overseas

buyers.

* Markets still anticipate the Fed ​to deliver two

quarter-percentage point rate cuts in the latter half of the

year, raising non-yielding gold's appeal.

* Spot silver rose 0.9% to $97.01 an ounce, after

hitting a record high of $97.44 earlier.

* Spot platinum gained 1.4% to $2,665.85 per ounce

after hitting a record $2,684.43 earlier, while palladium

edged 0.1% lower to $1,917.50.

DATA/EVENTS (GMT)

0700 UK Retail Sales MM, YY Dec

0700 UK Retail Sales Ex-Fuel MM Dec

0745 France Business Climate Mfg, ​Overall Jan

0815 France HCOB Mfg, Svcs, Comp Flash PMIs Jan

0830 Germany HCOB Mfg, Svcs, Comp Flash PMIs Jan

0900 EU HCOB Mfg, Svcs, Comp Flash PMIs Jan

0930 UK HCOB Mfg, Svcs, Comp Flash PMIs Jan

1445 US S&P Global Mfg, Svcs, Comp PMIs Flash Jan

1500 US U Mich Sentiment Final Jan

- EU Consumer ‍Confid. Flash Jan

- Japan JP BOJ Rate Decision Jan

(Reporting by Ishaan Arora in Bengaluru; Editing by Subhranshu

Sahu)

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