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News
Thursday, January 15, 2026
What’s happening: Gold prices jumped to fresh highs on Wednesday amid geopolitical tensions and economic concerns.
What happened: Prospects of interest rate cuts by the Federal Reserve provided a boost to gold prices.
Weakness in the US dollar lent further support to gold and silver prices on Wednesday.
Why it matters: Iran issued a warning to its neighbours hosting US troops of a strike on US bases if they intervene in the protests taking place in the nation. Meanwhile, President Donald Trump signalled a delay in action against Iran, which somewhat eased concerns of a military intervention by the US.
Ministers from Denmark Danish and Greenland met US Vice President JD Vance. Following the meeting, the Danish foreign minister said that there is still a “fundamental disagreement” with the US over Greenland.
Markets continued to remain concerned around the Fed’s independence, with several global central bank chiefs voicing their support for Chairman Jerome Powell, following threats of a criminal investigation by Trump. Meanwhile, markets continued to price in two interest rate cuts by the Fed in 2026.
Data released on Wednesday showed that US retail sales surged above market estimates in November. Retail sales grew 0.6% in November, the largest rise since July, following a 0.1% decline in the previous month. The figure exceeding market estimates of a 0.4% gain.
US PPI came in-line with monthly estimates but topped annual expectations, following lower-than-expected core CPI figures for December released on Tuesday. US producer prices rose by 0.2% in November, accelerating from a 0.1% gain in October, while headline annual producer inflation rose to 3.0% from 2.8%, higher than market expectations of 2.7%.
Weakness in the US dollar lent further support to gold prices, as a softer greenback makes metals cheaper for foreign currency holders.
Spot gold surged to a record high of $4,641.40 on Wednesday, while spot silver hit a record high of $92.23.
In other metals trading, spot platinum jumped around 2.4%, while palladium surged 1.3%.
What to watch: Investors will continue monitoring ongoing geopolitical concerns, which are expected to significantly impact metal prices. Markets also await the Supreme Court’s ruling on the legality of tariffs imposed by the Trump administration.
Data on US initial jobless claims (1730 UAE Time), export prices (1730 UAE Time) and import prices (1730 UAE Time) will also remain in focus.
Context: Shares of Bank of America fell on Wednesday despite the bank reported better-than-expected quarterly earnings.
Details: Investors reshuffled their portfolios in the fourth quarter, with markets being rattled by soft labour demand in the US and concerns around elevated valuations of AI stocks. Prospects of interest rate cuts by the Fed also provided a boost to trading.
Bank of America’s sales and trading revenues jumped 10% to $4.5 billion in the fourth quarter. The bank’s NII (net interest income) climbed 9.7% year-over-year to $15.75 billion as lower rates increase borrowing, with consumers expected to take out more loans at lesser prices.
The bank’s earnings came in at 98 cents per share, beating consensus estimates of 96 cents per share. Revenue, net of interest expense, rose 7% year-over-year to $28.532 billion, which also topped Wall Street expectations of $27.944 billion.
Management guided to NII growth of 7% in the first quarter of 2026, while reiterating expectations of 5%-7% growth in the full year.
How shares responded: Bank of America’s shares fell 3.8% to close at $52.48 on Wednesday following the release of quarterly results. The stock has gained around 15% over the past year.
What to watch: Investors will continue monitoring geopolitical concerns and the Fed’s monetary policy outlook, which are expected to impact the bank’s results ahead.
Other Markets: US trading indices closed lower on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 down by 0.09%, 0.53% and 1.07%, respectively.
Ukraine launched a drone attack on a power facility in Russian occupied regions of the Luhansk region, which left various settlements without electricity. The news sent the USD/RUB pair higher in forex trading this morning.
Japan’s producer prices climbed 2.4% year-over-year in December following a 2.7% rise in the previous month, which lent support to the USD/JPY forex pair.
The Bank of Korea kept its base rate unchanged at 2.50% in January, which sent the USD/KRW pair higher in forex trading this morning.
China’s vehicle sales surged by 9.4% year-over-year to a record high of 34.4 million units in 2025. This being a significant acceleration from the previous year’s 4.5% growth exerted pressure on the USD/CNY forex pair.
US crude stockpiles rose by 3.4 million barrels in the week ended January 9, compared to market estimates of a decline of 2.2 million barrels, which sent WTI crude oil prices lower this morning.
Spain’s inflation rate (1200 UAE Time), Turkey’s budget balance (1200 UAE Time) and foreign exchange reserves (1530 UAE Time), Germany’s full year GDP growth (1300 UAE Time), India’s balance of trade (1300 UAE Time) and unemployment rate (1430 UAE Time), Italy’s industrial production (1300 UAE Time) and balance of trade (1500 UAE Time), Eurozone’s balance of trade (1400 UAE Time) and industrial production (1400 UAE Time), Brazil’s retail sales (1600 UAE Time), car production (1700 UAE Time) and new car registrations (1700 UAE Time), Mexico’s gross fixed investment (1600 UAE Time), Canada’s manufacturing sales (1730 UAE Time), new motor vehicle sales (1730 UAE Time) and wholesale sales (1730 UAE Time), as well as US NY Empire State manufacturing index (1730 UAE Time) and Philadelphia Fed manufacturing index (1730 UAE Time).
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