Precious Metals Market Update: 1/28/2026

Precious metals markets staged a spectacular rally on Wednesday, January 28th, 2026. Gold recorded one of its largest single-day dollar gains in history, surging nearly 4% to close at a staggering $5,386.53.

While gold stole the macro spotlight, Palladium was the session's volatility leader. The industrial metal rocketed roughly 6.5% higher, erasing recent losses to reclaim the $2,050 level. Silver also participated heavily, rising over 4.5% to trade north of $117, while Platinum posted solid gains to clear $2,700. The synchronized melt-up across the complex reflects a collapse in the U.S. dollar and a market-wide expectation that the central bank under a new Fed Chair will prioritize growth over inflation fighting, a scenario historically explosive for hard assets.

Spot Precious Metals Prices

Key Drivers

• Federal Reserve Outlook: The primary engine for today's historic move was the conclusion of the FOMC meeting. While the Fed held rates steady, the policy statement removed key language regarding "additional policy firming," and Chair Powell emphasized that the risks to the employment mandate are now "balanced" with inflation goals. Markets interpreted this as a green light for a March rate cut. Markets have also continued to price in the anticipation of a new Fed Chair being announced soon who is expected to be more likely to desire lower rates.

• Palladium Resurgence: Palladium’s massive 6.5% surge was a combination of macro tailwinds and renewed technical buying. After lagging earlier in the week, the metal played "catch up" with a vengeance. The weaker dollar makes dollar-denominated industrial metals cheaper for foreign buyers, triggering a wave of restocking orders from Asian manufacturers who had been waiting on the sidelines for the Fed event to pass.

• Silver’s Momentum Breakout: Silver’s Momentum Breakout: Silver’s push to $117.36 confirms that the metal is in a robust feedback loop. With gold tearing higher, the "cheap" valuation of silver relative to gold (the Gold-Silver Ratio) attracted massive speculative capital. This, combined with the ongoing industrial shortage narrative, pushed silver bars through intraday resistance levels with little opposition.

Looking Ahead:

With the Fed event risk now cleared, the market enters a phase of digestion and potential follow-through.

• Post-FOMC Follow-Through: History suggests that trends established on "Fed Days" often persist into the end of the week. Traders will be watching to see if Asian and European markets chase today’s U.S. close.

• Short Squeeze Continuation: The violence of today’s move likely caught many institutional shorts off guard, particularly in palladium and gold. Continued covering of these losing positions could add further fuel to the rally, regardless of fundamental news flow over the next 24 hours.

• Profit-Taking Risks: Given that gold has rallied over $300 in just a few sessions, the risk of a sharp "sell the news" pullback or profit-taking event is elevated. Volatility will remain extreme, and intraday swings of 1-2% should be expected as the market seeks a new equilibrium.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Market data and prices are subject to change.