US EditionGold Vaults to Record $4,600/oz as Trump-Powell Clash Unnerves Investors
Gold prices rose 6% in 2026 so far, driven by geopolitical tensions, Federal Reserve policy uncertainty, and mounting fiscal deficits, HSBC and analysts said.
- On Monday, spot gold reached a new high, advancing 2% to over $4,600 an ounce, according to LSEG data.
- Geopolitical flashpoints in Iran and Venezuela and scrutiny of a Fed headquarters renovation heightened safe-haven flows, with Powell's Sunday testimony raising policy uncertainty.
- Prices have risen around 6% this year after a nearly 65% yearly gain in 2025, while one-kilogram bars stacked at the Perth Mint Refinery, operated by Gold Corp, illustrate physical bullion flows.
- Mounting fiscal deficits are encouraging gold demand, HSBC said, while central banks are expected to remain strong buyers this year and Bank of Singapore's Eli Lee sees further price support amid geopolitical unpredictability.
- HSBC projects momentum could carry gold to $5,000 an ounce in the first half of 2026, citing geopolitical uncertainty.
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Factbox - How investors buy gold & what fuels the market
Gold vaulted above the historic $4,600 an ounce mark today as a flare-up in geopolitical tensions and expectations of looser US monetary policy led bullion to hit its first record peak of 2026 after a string of all-time highs last year.
Gold Hits Record Above $4,600 as Geopolitical Risks and Fed Independence Fears Mount
Gold prices surged to a fresh all-time high on Jan. 12, breaking more than $4,600 per ounce, as escalating geopolitical tensions and investor concerns about Federal Reserve independence reignited demand for safe-haven assets, battered the dollar, and weighed on stocks. Spot gold rose by more than 2.3 percent to $4,615.36 per ounce as of 10:07 a.m. EST on Jan. 12, while U.S. gold futures for February delivery climbed by more than 2 percent to $4,…
The quota for spot gold resumes its escalation this Monday, and has for the first time exceeded the threshold of $4,600 per ounce (new historical maximum), while the dollar deepens its fall against the euro, after it became known that the president of the Federal Reserve of the United States, Jerome Powell, faces an investigation of the Department of Justice ordered by Donald Trump. This investigation, which Powell has described as "hunting", is…
Traders expect gold prices to continue to skyrocket
Traders say gold prices should continue to rise in the near term after bullion broke through US$4,600 an ounce for the first time on Monday, resulting in the baht’s appreciation despite policymakers’ efforts to stem the rise.
Gold vaults to record $4,600/oz as Trump-Powell clash unnerves investors
Gold prices surged about 2% to an all-time high of $4,600 per ounce on Monday, while silver also set a new record, as a criminal probe by the Trump administration into Federal Reserve Chair Jerome Powell sent investors scuttling back into the safe haven.
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