Iran protests fuel surge in gold and silver prices

Gold prices hit a fresh record, surpassing $4,600 per troy ounce for the first time, RBC reported.

February gold futures on the COMEX rose 2.5% on Monday, January 12, reaching an intraday high of $4,612.7 per ounce.

Silver also posted record gains, with March futures on Comex jumping 6.53% to a peak of $84.52 per ounce.

The sharp rally in precious metals was partly driven by reports that prosecutors in Washington, D.C. had launched a criminal investigation into U.S. Federal Reserve Chair Jerome Powell. Powell said any potential charges should be viewed in the broader context of threats and continued pressure from the U.S. administration over interest rate policy.

Additional support came from ongoing protests in Iran, as well as remarks by U.S. President Donald Trump, who said he was considering options on Iran, again threatened to take over Greenland and questioned the value of the NATO alliance.

In 2025, gold prices rose 64.4%, while silver surged 141.4%, supported by lower interest rates, heightened geopolitical risks and weaker confidence in the U.S. dollar. Silver was also boosted by supply shortages.