Gold broke through $4,600/ounce for the first time on Monday, January 12, 2026, while silver also hit a record high.
Spot gold jumped 1.7% to $4,584.74 per ounce by 0752 GMT, while Bullion hit a record high of $4,600.33 earlier in the day.
U.S. gold futures for February delivery added 2.1% to $4,595.30.
“So, between events in Iran, and potential United States involvement, and the (Fed) chair being the focus of a criminal probe… U.S. futures turned lower on the Powell news, which was a green light for gold to take a run higher,” KCM Trade’s chief market analyst, Tim Waterer, told Reuters.
Oil prices drop as investors assess Iran supply, Venezuelan export resumption
Spot silver rose 5.1% to $84.06 per ounce after hitting an all-time high of $84.60 earlier in the day.
Spot platinum climbed 3.3% to $2,348.74 per ounce after scaling a record high of $2,478.50 on December 29.
Palladium also gained 2.7% to $1,864.19 per ounce.
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