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Analyst amazed that gold and silver triumphed over commodity index rebalancing
Oh, Ted B. ... Would that you were with us in this hour -- to glory in it!
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Gold Eases from Record as Traders Mull Rates; Silver Tops $89
Yvonne Yue Li and Jack Ryan
Bloomberg News
via Yahoo News, Sunnyvale, California
Tuesday, January 13, 2026
Gold eased from a record high as traders assessed the path of U.S. interest rates after an inflation reading came in weaker than expected and the Trump administration renewed attacks on the Federal Reserve. Silver topped $89 an ounce before paring some of the advance.
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Bullion traded just above $4,600 an ounce after earlier surging to a fresh peak of $4,634.55. The dollar rose further after underlying U.S. inflation in December was not as high as feared, supporting the case for the Fed to lower interest rates later in the year. Swap traders continued to all-but-fully price in a Fed rate cut by the June policy meeting, with some chance of an earlier move but minimal odds of action at the Jan. 28 meeting.
While further interest rate easing later in the year would be positive for non-yielding gold, a stronger greenback weighed on the yellow metal as it is priced in the U.S. currency.
Still, the precious metal is supported by haven demand following an escalation of attacks on the Fed by the White House, which has opened a probe into the central bank’s headquarters renovation. President Donald Trump has said repeatedly he wants to fire Fed Chair Jerome Powell before the chair’s term ends in May.
The attacks helped propel gold to successive record highs last year, along with heightened trade and geopolitical risks and central-bank buying. Precious metals are carrying that momentum through to 2026.
"With just one day left of the annual commodity index rebalancing, the market's strength during what should have been a period of mechanical selling is striking. Gold and silver absorbing that supply without flinching is sending a powerful signal to investors and reinforcing the sense that, for now, the bull train still has further to run," said Ole Hansen, a strategist at Saxo Bank A/S.
Once a year, the Bloomberg Commodity Index, a widely tracked benchmark for a basket of commodities, resets its weights. The five-day roll period started Thursday. ...
... For the remainder of the report:
https://finance.yahoo.com/news/gold-steadies-surging-worries-over-234106356.html
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