Gold marked a new price milestone on Monday (January 12), continuing its record-breaking run into 2026.
The spot price rose as high as US$4,630.01 per ounce, hitting that point at 8:14 a.m. PST.
Gold spot price chart, January 4 to 12, 2026.
The yellow metal’s latest rise adds to an ongoing historic run.
After starting 2025 around US$2,640, gold had risen to the US$3,200 level by April. It stayed within a fairly flat range until the end of August, when it launched higher once again, breaking US$4,300 in mid-October.
The price of gold took a breather following that move, even falling briefly below US$4,000; however, its retracement was neither as steep nor as long as many market watchers expected it to be.
Gold began gaining steam again in mid-November, and took off again in earnest at the end of 2025. This week it’s powering even higher along with silver, which posted its own all-time high of US$86.06 per ounce on Monday.
Both metals benefit from geopolitical tensions and economic uncertainty, which have been present on a global scale over the past the year. Interest rate cuts from the US Federal Reserve have provided support too, as have expectations of easier monetary policy after Fed Chair Jerome Powell’s term ends later this year.
This latest precious metals price surge comes as US President Donald Trump’s feud with the Fed over interest rates has taken an eyebrow-raising turn. On January 9, the US Department of Justice (DOJ) served the Fed with grand jury subpoenas targeting Powell with a criminal indictment.
The subpoenas to the central bank are related to Powell’s June 2025 testimony before the Senate Banking Committee concerning the Fed’s US$2.5 billion renovation of two Washington, DC, office buildings.
In a statement released on January 11, Powell said the DOJ investigation has nothing to do with the renovation project and everything to do with Trump’s goal to goad the Fed into lowering interest rates.
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” said Powell. “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.”
When asked about the probe by NBC News, Trump denied any involvement or knowledge of the investigation: “I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings.’
When further questioned if the investigation has anything to do with the pressure his administration is placing on the Fed to lower rates, Trump replied, “No. I wouldn’t even think of doing it that way. What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got.”
Ozkardeskaya explained that the economic data currently coming out of US jobs and consumer price index reports would in normal situations lead the Fed to put rate cuts on hold.
“If the Fed can’t set policy based on economic data and inflation picks up, you want assets that temper inflation risks: gold, commodities, inflation-linked bonds, dividend-paying stocks, and tech,” she added.
“In my opinion, while these concerns do not imply an imminent collapse of the dollar, they are sufficient to reduce its appeal relative to gold, particularly during periods when markets demand clarity and credibility in monetary policy.”
The Trump administration’s criminal investigation into Powell adds another layer to the already-volatile economic and geopolitical environment that has investors seeking safe-haven assets.
Eugenia Mykuliak, founder and executive Director of B2PRIME Group, believes that a threat to Fed independence also poses significant risks to the US economy.
Gold also continues to benefit from strong central bank buying, while silver’s industrial side is attracting attention. Although it is valued as an investment metal, silver is key for technology such as solar panels.
Elsewhere in the precious metals space, platinum rose close to record highs on Monday, reaching US$2,360.50 per ounce. Palladium remains below its top price level, but is elevated above US$1,900 per ounce.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
