Economy January 26, 2026

Gold miners rally as bullion hits record $5,100/oz high

Precious metals surge lifts mining stocks amid safe-haven flows and lower-rate expectations

By Hana Yamamoto
Gold miners rally as bullion hits record $5,100/oz high

On Jan 26, gold climbed to an unprecedented $5,100 per ounce, sending shares of major gold producers higher in premarket trading. The metal's sharp rise, driven by safe-haven demand, central bank buying and expectations of easier U.S. monetary policy, has pushed gold up about 64% in 2025 and more than 18% so far this year, boosting miners' revenues and balance sheets.

Key Points

  • Bullion reached a record $5,100 per ounce on Jan 26, extending a steep rally for gold.
  • Gold has risen about 64% in 2025 and more than 18% so far this year, supported by central bank buying, ETF inflows and expectations of easier U.S. monetary policy.
  • Rising gold prices have lifted major miners: Newmont up 4.4%, Barrick up 3.8%, South African miners up between nearly 2% and 4.3%, and Agnico Eagle Mines and Kinross Gold each up 4% - impacting the mining and metals sectors as well as ETF investors and corporate balance sheets.

Jan 26 - Shares of companies that mine gold jumped in premarket trading on Monday after bullion reached a new peak of $5,100 an ounce. The move extended a historic rally in gold that market participants attribute to safe-haven demand amid geopolitical uncertainties and heightened market volatility.

Gold has advanced sharply this year, rising about 64% in 2025 - the steepest annual increase since 1979 - a gain market observers link to several converging forces. Chief among them are easing U.S. monetary policy expectations, vigorous central bank purchases of the metal, and investor flows into exchange-traded funds as a hedge against global policy risks and broader macro uncertainty.

A low-interest-rate environment and lingering economic uncertainty typically make non-yielding assets such as gold more attractive to investors. Bullion set consecutive record highs over the prior week and has already climbed more than 18% this calendar year.

Higher gold prices generally translate into stronger financial metrics for miners. Companies benefit from increased revenues and improved margins, which can strengthen cash flow and balance sheets and provide more flexibility to pursue expansion, raise dividends or reduce debt.

On Monday, top miner Newmont rose 4.4% in premarket trading. U.S.-listed shares of Barrick Mining climbed 3.8%. U.S.-listed shares of several South African miners also gained, with Gold Fields, AngloGold Ashanti, Harmony Gold and Sibanye Stillwater each advancing by amounts ranging from nearly 2% to 4.3%.

Expectations around potential interest rate cuts in the U.S. in 2026 have also been cited as a contributing factor to the upward momentum in gold prices. Among Canadian-listed names traded in the U.S., Agnico Eagle Mines and Kinross Gold each rose 4% in premarket trade.

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Risks

  • Geopolitical uncertainties and market volatility are driving safe-haven demand for gold, creating dependence on risk-off conditions for continued price gains - this affects miners and investors in metals and related ETFs.
  • Changes in monetary policy expectations, such as anticipated U.S. interest rate cuts in 2026, are influencing gold prices and could reverse momentum if forecasts shift - this presents uncertainty for mining revenues and broader market positioning.
  • A low-interest-rate environment and persistent economic uncertainty underpin demand for non-yielding assets like gold; any material change in economic outlook that reduces that premium could weaken prices and miner profitability.

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