Weekly Market Overview for Week of Monday - January 12, 2026

The week saw precious metals set fresh records before cooling slightly into the weekend. 

Gold remained resilient above $4,580–$4,650 per ounce, while silver spiked into the low $90s, exhibiting heightened volatility and compressing the gold-silver ratio to roughly 50–55, underscoring silver’s distinct outperformance. 

The rare coin market held firm at the high end, but mid-tier premiums continued to compress as soaring melt values and increased scrapping blurred the distinction between common and scarce pieces. 

Macro tailwinds, including cooling U.S. inflation and ongoing geopolitical risks, provided persistent safe-haven flows, while silver product supply constraints and robust industrial demand amplified scarcity and delivery delays. 

Bullion liquidity remained strong, and select certified numismatic pieces attracted competitive bids. 

Looking ahead, continued volatility is expected, especially in silver, with staged selling strategies and readiness to act on intraday strength likely to benefit sellers.

Daily Market Breakdown

Monday, January 12 

The week began with gold trading at approximately $4,616 per ounce, which was a marginal increase from the previous day and a remarkable 73% surge year over year. 

Intraday highs pushed gold to over $4,630 per ounce before it closed at $4539.38, reflecting robust safe-haven demand in the face of global supply concerns and persistent inventory rumors. 

Silver, meanwhile, reached $86 per ounce in spot pricing, with closing figures climbing as high as $81.60 and daily increases exceeding 5%. 

Over the past year, silver’s rally was especially pronounced, with prices up more than 186%, and experts began eyeing targets near $88 due to industrial demand and pronounced scarcity. 

The gold-silver ratio narrowed to close at 55.63, highlighting silver’s exceptional strength relative to gold.

Rare coin demand remained robust, especially at the high end, with sellers well-positioned in an active market. 

Tuesday, January 13 

As the week progressed, gold experienced a slight pullback to $4,614 per ounce before closing at $4,596.66, but the overall trend remained decisively bullish with strong trading volumes globally. 

Silver’s momentum continued, jumping to $86.81 per ounce and then surging 3% to $88 on Tuesday, levels that major financial institutions had not anticipated for early 2026. 

The underlying drivers included expectations for interest rate cuts later in the year and ongoing geopolitical uncertainty. 

These factors fueled safe-haven flows into both gold and silver, supporting record local currency prices in key international markets such as India.

Wednesday, January 14 

Midweek, gold pushed to historic all-time highs near $4,650 per ounce before settling at $4,597.37, while silver’s ascent was even more dramatic, reaching $91.78 per ounce, which was a single-day gain of 5.72%. 

Over the preceding month, silver’s performance was exceptional, rising more than 48%, and up over 206% year-over-year. 

The gold-silver ratio contracted further to 52.33, reinforcing silver’s outperformance. 

The key catalyst was cooling U.S. inflation data, with the latest CPI showing core inflation easing, bolstering the case for Federal Reserve rate cuts later in 2026. 

Moderating inflation and stable monthly CPI readings reassured markets, leading to increased positioning in precious metals as inflation hedges. 

The rare coin sector also saw sustained interest, with top-tier U.S. coins, some with mintages as low as 100, attracting strong demand, indicative of the market’s underlying strength.

Thursday, January 15 

On Thursday, gold closed at $4,616.01 per ounce (a 0.40% daily gain), while silver set a new record near $92.28 per ounce (up 4.80% daily). 

These price levels reflected gold’s continued stability and silver’s remarkable 30% surge in the first two weeks of 2026. 

Notably, the U.S. Mint delayed Silver Eagle shipments to February, citing capacity issues and suspending some numismatic silver products for pricing review, which could result in low-mintage shortages. 

The global silver market faced acute supply shortages, with physical delivery constraints and heavy scrapping further tightening the market. 

Institutions continued to debate whether silver’s surge reflected bubble conditions, but underlying fundamentals, including supply deficits and industrial demand, remained robust for the time being. 

Gold’s role as a low-risk store of value persisted amid economic uncertainty, while rare coin markets strengthened at the top end.

Friday, January 16 

By Friday, both gold and silver reached new all-time highs, with gold near $4,650 before closing at $4,610.15 and silver topping $93 per ounce before experiencing profit-taking and closing at $91.39, as positive U.S. economic data supported the dollar and dampened rate-cut expectations. 

Despite the short-term pullbacks with gold down $8.17 and silver off $0.34, the week’s volatility underscored the wild price swings and heightened market activity. 

Scarcity of supply, combined with growing industrial and investor demand, continued to propel silver’s price, while gold maintained its safe-haven status. 

The strain on the U.S. Mint and fabricators resulted in ongoing production delays and compressed numismatic premiums, with scarcer coins trading near common-date levels. 

In the international arena, India’s gold market displayed resilience, as domestic prices reached new highs and demand held strong.

Saturday, January 17  

As the weekend approached, gold settled at $4,594.35 per ounce and silver at $89.82, both reflecting minor declines after reaching new heights earlier in the week. 

The gold-silver ratio hit a 13-year low around 50, further emphasizing silver’s dominant run. 

The rare coin market continued to shine, with top-end U.S. coins outperforming gold in 2025 and strong auction demand for ultra-rarities. 

Silver’s 170% rally since 2025 far outpaced gold’s 76% rise, and the premium compression trend created unique selling windows for holders of both bullion and select numismatic pieces.

Sunday, January 18 

On Sunday, with markets closed for the weekend, gold settled at $4,594 per ounce and silver at $90.13 per ounce. 

The rare coin market was highlighted by an upcoming auction of early U.S. ultra-rarities expected to exceed $8 million, reinforcing the sector’s strength. 

Year-over-year, gold posted gains exceeding 69%, and rare coins such as the 1917-D Walking Liberty Half Dollar and 1932-D Washington Quarter continued to outperform gold on a relative basis. 

The week concluded with cautious optimism among collectors and investors, as precious metals and numismatic markets remain poised for continued volatility and selective opportunity in the weeks ahead. 

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