AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

1/12/2026: Gold, silver hit new records

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 2.5% to close at a new all-time high above $4,604 after President Trump threatened to indict Fed Chair Jerome Powell, raising new concerns about the independence of the US central bank. Silver rocketed 7.3% to finish at a new record of $84.61 an ounce.

In his latest move to pressure Powell, Trump has reportedly instructed the Justice Department to launch a criminal investigation into the Fed Chair because of what he calls fraudulent cost overruns in the renovation of the Fed's offices.

In a statement, Powell dismissed the possible indictment as a "pretext" to gain more influence over interest rates, which Trump wants to be slashed. He asserted that the question is whether monetary policy will be "based on evidence and economic conditions" or the result of "political pressure or intimation."

The dollar fell 0.4% against major rivals on concerns that the loss of Fed independence would undermine global faith in the US currency and finances. A weaker dollar lifts gold and other commodities by making them less expensive overseas.

The increased uncertainty about the Fed comes atop concerns about rising geopolitical turmoil following the Trump administration seizure of Venezuelan President Maduro and threats to seize control of Greenland despite its membership in NATO. Trump has also been publicly musing about intervening in civil unrest in Iran.

Platinum and palladium rose 3.3% and 2.3%, respectively.

At the New York close: gold gained $114 to $4,604.30; silver surged %.73 to $84.31; platinum picked up $77.15 to $2,355.85; and palladium advanced $42.40 to $1,878.55 an ounce.