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Gold and silver futures hit new highs in domestic and international markets on Monday (January 12, 2026) as investors turned to safe-haven assets amid rising geopolitical tensions as the US Federal Reserve and its chairman faced scrutiny.
Federal Reserve Chairman Jerome Powell said, “The Justice Department has subpoenaed the central bank and threatened to file criminal charges over his June testimony regarding a $2.5 billion renovation of two of the Fed’s office buildings, a project that was highly criticized by President Donald Trump.”
On the Multi Commodity Exchange (MCX), gold futures for February delivery jumped ₹2,431, or 1.8%, to a record high of ₹1,41,250 per 10 grams.
Also read Gold prices, silver futures rise to record high on expectations of rate cut
The yellow metal has gained ₹3,058 or 2.25% over the last week. Silver futures also gained momentum, with the March contract rising by ₹11,271 or 4.46% to hit an all-time high of ₹2,63,996 per kg. The white metal rose by ₹16,409 or 6.94% last week.
In global markets, gold for February delivery on the Comex rose $111.8, or 2.5%, to a new peak of $4,612.7 an ounce, while silver for the March contract rose $4.56, or 5.8%, to a historic high of $83.90 an ounce.
According to market experts, the rise in gold and silver prices was due to growing uneasiness over the Federal Reserve after US federal prosecutors launched a criminal investigation against Chair Powell over the renovation of the central bank’s Washington headquarters.
The move comes amid rising tensions between the White House and the Fed, an institution Mr. Trump has repeatedly criticized for not cutting interest rates as quickly as he would have liked.
Analysts said the investigation has raised concerns over the Fed’s independence, raised doubts about the stability of U.S. monetary policy and fueled a rally in safe-haven assets such as gold and silver.
The dollar index, which measures the greenback’s strength against a basket of six currencies, was trading at 99.03, supporting bullion prices in global markets.
Adding to the uncertainty, President Trump is considering military action against Iran after violent anti-government protests, analysts said, adding that Tehran has crossed a “red line.”
Meanwhile, the United Nations has called an emergency meeting after Russia reportedly deployed a new ballistic missile for a large-scale attack on Ukraine.
These developments have stoked uncertainty in global markets, weakening the dollar and pushing investors toward safe-haven assets.
published – January 12, 2026 12:18 PM IST
