On Monday, January 12, gold prices rose above the $4,600-per-ounce mark for the first time in history. Amid stronger demand for safe-haven assets, silver also set a new record, Reuters reports.
As of 04:10 GMT, spot gold climbed 1.3% to $4,566.80. During the session it also reached as high as $4,600.33. In the U.S., February-delivery gold futures gained 1.8% to $4,579.10.
Silver’s rally was even sharper: the spot price jumped 4.1% to $83.20 per ounce. During trading, silver posted an all-time high of $83.96.
The sharp surge in prices was driven by remarks from U.S. Federal Reserve Chair Jerome Powell. He said the Donald Trump administration had threatened him with criminal prosecution over his testimony in Congress. Powell described it as an attempt to pressure the Fed and force the regulator to cut interest rates.
Following the reports, the dollar weakened while U.S. stock index futures fell. Market participants expect the Fed to cut rates at least twice in 2026, boosting interest in non-yielding assets such as gold and silver.
According to KCM Trade chief analyst Tim Waterer, central-bank demand for precious metals will continue to grow. In their view, amid financial and geopolitical uncertainty, precious metals are increasingly seen as a more reliable alternative to the dollar.
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