Gold prices surged to a fresh all-time high on Jan. 12, breaking above $4,600 an 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. ET on Jan. 12, while U.S. gold futures for February delivery climbed more than 2 percent to $4,611.3, after briefly surging to around the $4,626 mark in earlier trading.
Silver also surged to a new peak, with spot prices rising 6.6 percent to $85.22 per ounce as of 10:04 a.m. ET.
The rally in precious metals unfolded alongside a broad pullback in risk assets….