Winter Storm Hits Northeast; Gold Prices Rise to $5,000

Lead: A major winter storm is delivering heavy snow and ice across the U.S. Northeast, causing widespread travel disruptions and school closures. Simultaneously, global markets are reacting to a weakens dollar as gold prices reached $5,000 an ounce on Monday.

What we know

• The winter storm is producing snowfall rates of 1 to 2 inches per hour in New York City’s northern suburbs, creating whiteout conditions and ice accumulation on power lines SOURCE.
• The weather system has impacted nearly half of the United States and brought near-blizzard conditions to the Tri-State area on Sunday SOURCE.
• Gold prices rose to $5,000 an ounce as the U.S. dollar declined to a four-month low on Monday SOURCE.
• The Japanese yen hit a two-month high following reports that U.S. and Japanese authorities may coordinate a currency intervention SOURCE.
• Gunmen killed 11 people at a soccer match in Salamanca, Mexico; officials in the Guanajuato region linked the attack to cartel conflicts SOURCE.
• Small-business indexes indicate an increase in optimism regarding the 2026 outlook as cost pressures and uncertainty decrease for U.S. business owners SOURCE.
• Portland Police Bureau officers arrested four individuals during protest activity in the South Waterfront area on Sunday SOURCE.
• India is considering a reduction in car tariffs to 40% as part of a pending free trade agreement with the European Union SOURCE.
• Berkeley County authorities reported one man was injured in a shooting at a mosque in Moncks Corner, but stated there is no ongoing threat to the public SOURCE.

What we don’t know yet

• The final number of power outages and flight cancellations across the Northeast has not been confirmed as the storm system remains active.
• Officials have not confirmed if or when a formal U.S.-Japan currency intervention will be executed.
• The full investigative findings regarding the fatal shooting involving federal agents in Minnesota have not been released by the Bureau of Criminal Apprehension.

Why it matters

• Public Safety: Severe road conditions and ice accumulation pose immediate hazards to residents and energy infrastructure in the Northeast.
• Market Volatility: Gold reaching $5,000 per ounce indicates a significant shift in investor sentiment toward safe-haven assets as the dollar weakens.
• Labor and Education: Widespread school and business closures on Monday disrupt childcare and regional economic productivity.
• Trade Policy: A potential India-EU trade pact would significantly alter the automotive market and global supply chain dynamics.

What’s next

• New York Governor Kathy Hochul is scheduled to provide a storm response update in a news conference on Sunday.
• The India-EU free trade agreement could reach a finalization stage as early as Tuesday.
• The U.S. Federal Reserve will meet later this week to discuss interest rates, which may impact currency and gold markets.
• Major technology companies are scheduled to release quarterly earnings reports this week.
• Clark Town cleanup and snow removal operations are expected to continue through Wednesday.