Gold Climbs to Record High

2026-01-12 00:37 By Judith Sib-at 1 min. read

Gold prices rose more than 2% to above $4,620 per ounce on Monday, reaching a record high as concerns over the Federal Reserve's independence and heightened geopolitical risks boosted safe-haven demand.

Fed Chair Jerome Powell revealed on Sunday that he was threatened with criminal charges over his testimony before the Senate last June, criticizing the move as part of Trump's pressure on the Fed to cut rates.

Meanwhile, Iran’s parliament speaker warned the US and Israel against any intervention after President Trump threatened strikes amid widespread protests in Iran that have reportedly killed hundreds of people.

Additional support came from expectations of more US rate cuts after Friday’s data showed December job growth slowed more than forecast.

Traders are pricing in two rate reductions this year, though the Fed is widely expected to keep rates unchanged later this month.

Markets are now focused on this week’s US inflation report for further clues on the Fed's rate path.



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