Gold rises, stocks under pressure: markets change mood

Markets are shifting into risk-off mode, and this is no longer a local noise but a fully formed change in sentiment. Today, January 19, 2026, investors received several signals at once that the “growth game” is temporarily on hold, and the priority is again shifting to capital protection.

The catalyst was Donald Trump, who in his usual manner shook the markets once more. This time, the trigger was tariffs and the Greenland topic. Statements about the potential imposition of duties of up to 25% against EU countries immediately hit US futures, while European and Asian markets went into the red. Money began exiting risk almost synchronously, without long hesitation. Markets do not like uncertainty, and trade wars are its concentrated form.

In Europe, the reaction was predictable. Brussels is already discussing countermeasures against US imports totaling about €93 billion. Even if half of these threats remain rhetorical, the mere fact of preparing such measures increases nervousness. For investors, this implies a higher probability of escalation and a lower visibility of future corporate profits. In such an environment, stocks almost always come under pressure, regardless of the quality of individual companies.

Against this backdrop, safe-haven assets are doing what is expected. Gold and silver are hitting historical highs. Gold has approached around $4,690, silver around $94. This is not a story about inflation or speculation; it is a pure signal of a flight to safety. When capital flows into precious metals at this pace, the market is effectively voting against risk and for preserving value.

Oil, on the other hand, looks weak. Geopolitical tensions around Iran have temporarily eased, and the prospects of a new trade war increase fears of a global economic slowdown. Weak growth implies weak demand for energy resources, and the market begins to price this in. Pressure on oil in this configuration seems logical and likely not short-lived.

China deserves separate attention. Formally, the target for 2025 has been achieved: GDP growth around 5%. But the fourth quarter turned out to be the weakest in the past three years, and without new stimuli, further acceleration looks doubtful. The Chinese economy continues to move, but no longer with the previous margin of strength, which is another cautionary factor for global markets.

In the end, a fairly coherent picture emerges. The market enters a phase of heightened caution, safe-haven assets feel confident, and stocks require a very selective approach. This is not the time for aggressive bets and broad “buy everything” purchases. It is rather the time to wait, reduce excess risk, and carefully monitor developments.

The key question in the coming weeks is simple and as old as the market: will loud statements turn into actual tariffs, or will it again remain political noise? Until there is an answer, capital will behave conservatively. Arguing against this is a thankless task.