Gold prices jumped sharply on Monday, reaching an all-time high as escalating unrest in Iran, rising political pressure on the U.S. Federal Reserve, and weaker U.S. employment data drove investors toward safe-haven assets.
Spot gold rose 2.4% to $4,618.85 per ounce, after touching a record peak of $4,620.33 earlier in the session. U.S. gold futures climbed as much as 2.8% to $4,628.90 per ounce.
Gold gained more than 4% last week, supported by heightened geopolitical risks and broader market uncertainty.
Gold price today and the futures market
The rally in bullion was accompanied by broad strength across metals markets. Investors continued to increase exposure to gold as risk sentiment weakened, driven by geopolitical and policy-related concerns.
A softer U.S. dollar further supported gold prices, making the metal more attractive to buyers holding other currencies.
Iran unrest and safe-haven demand
Safe-haven demand intensified amid deepening unrest in Iran, where anti-government protests have reportedly killed more than 500 people. Tensions rose further after Iranian officials warned of potential retaliation against U.S. military bases if Washington intervenes.
The threat of a wider regional conflict increased investor caution, prompting flows into gold and other defensive assets.
Federal Reserve political pressure
Gold was also supported by political uncertainty in the U.S. after the Justice Department served the Federal Reserve with grand jury subpoenas related to testimony by Fed Chair Jerome Powell.
The move raised concerns about the independence of the central bank, unsettling financial markets and pressuring the U.S. dollar. Investors typically view gold as a hedge during periods of institutional and policy instability.
U.S. jobs data and rate cut expectations
Economic data added further momentum to the rally. U.S. nonfarm payrolls rose by 50,000 in December, below expectations of 66,000, signaling a cooling labor market. The unemployment rate edged down to 4.4%, slightly under forecasts.
The weaker jobs data strengthened expectations that the Federal Reserve could ease monetary policy further in 2026, a backdrop that traditionally supports higher gold prices.
Silver, Platinum, and Copper prices
Other metals also posted strong gains. Silver surged more than 7% to a record high of $85.15 per ounce. Platinum rose 3.6% to $2,379.20 per ounce, trading near recent record levels.
Copper prices remained elevated, with London benchmark futures up 2.3% to $13,282.20 per ton, close to last week’s record high. U.S. copper futures gained 2.5% to $6.0505 per pound, just below their all-time peak.
