Gold hit a new record high of $4,650 per ounce on Wednesday, just two weeks after its previous peak. Prices are up about 6% so far this year. The yellow metal has now eased slightly today as some investors booked profits, but the overall direction remains upward.
The latest rise came as demand for safe assets increased amid recent political and geopolitical tensions. One factor weighing on markets has been scrutiny around the US Federal Reserve, including an investigation linked to its leadership.
Federal prosecutors are reviewing a $2.5 billion renovation of the Federal Reserve’s headquarters in Washington, along with recent testimony given to Congress by Fed Chair Jerome Powell, who said on Sunday that the investigation reflects long-standing frustration from President Donald Trump over the Fed’s cautious approach to cutting .
Historically, expectations of faster interest rate cuts tend to support gold prices. When interest rates fall, gold often becomes more attractive to investors since it does not pay interest and competes better with yield-based assets in a low-rate environment.
Tensions in Iran have also strengthened gold’s role as a safe haven. Washington has said it is reviewing different options in response to the unrest in the country. While recent signals suggest that military action remains unlikely for now, which helped push gold lower on Thursday, the ongoing protests in Iran are expected to stay a key influence on gold prices in the weeks ahead.
Beyond geopolitics, the longer-term case for gold remains strong. Rising budget deficits in the United States and other countries continue to support demand, while central banks are expected to stay active buyers this year as they reduce their reliance on the US dollar.
Because of these factors, several major banks expect gold prices to keep rising this year, with some forecasting a move above $5,000 before the middle of the year.
Against this backdrop, stocks tied to gold and other precious metals remain an area of interest heading into 2026, prompting a closer look at where the strongest opportunities may lie.
8 Metal and Mining Stocks to Watch as Gold Hits New Record in New Year
To do this, we used the Investing.com screener to identify US stocks that meet the following criteria:
- Industry: Metals and Mining
- Market capitalization greater than $100 million
- Upside potential based on Fair Value greater than +15%
- InvestingPro Health Score greater than 2.5/5
Note that InvestingPro’s Fair Value calculates a smart average of several recognized valuation models for each stock on the market, while the Health Score is based on several concrete metrics and peer comparisons to assess the financial strength of companies.
This research helped us identify eight potential opportunities.
More specifically, these US metals and mining stocks appear to be undervalued by around 16 percent to 37 percent based on InvestingPro’s Fair Value estimates. That said, metals and mining are not the only areas worth watching as 2026 gets underway.
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The screener also includes ready-made searches focused on defensive stocks, small-cap companies, dividend-paying shares, and other widely followed investment themes.
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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.