Silver Surges Past $90, Gold Approaches All-Time High Amid Fed Rate Cut Expectations

Silver reached a new milestone, trading above $90 per ounce on January 13, 2026, marking the first time the metal has surpassed this level in its recorded history. The surge followed a 3.2% increase in a single session, fueled by heightened speculation that the Federal Reserve may begin cutting interest rates as early as June 2026. Gold followed closely, rising to $2,489 per ounce, just $11 shy of its all-time high set in 2024. The momentum in precious metals comes amid a broad reassessment of U.S. monetary policy. Futures markets now price in a 78% probability of at least one rate cut by the Fed in 2026, up from 54% at the start of the year. This shift has prompted investors to reposition portfolios toward assets perceived as safe havens during periods of economic uncertainty and declining real interest rates. The rally has had a clear impact on exchange-traded funds and mining equities. The iShares Silver Trust (SLV) gained 5.4% over the past week, while the VanEck Gold Miners ETF (GDX) rose 6.1%. Analysts note that silver’s higher volatility and industrial demand make it particularly sensitive to macroeconomic shifts, amplifying its upside during periods of dovish policy expectations. Market participants are now closely monitoring inflation data and employment figures for signs of a softening U.S. economy, which could accelerate the Fed’s pivot toward rate reductions. The movement in precious metals underscores a broader flight to perceived value assets, with investors seeking protection against potential currency depreciation and prolonged economic stagnation.