Gold surges near record as Fed subpoenas and Iran tensions unsettle markets

Gold accelerated toward record territory on Monday after news that the U.S. Department of Justice had served grand‑jury subpoenas to the Federal Reserve, and as elevated tensions involving Iran pushed investors toward traditional safe havens. The metal rose 1.7% to $4,585.39 an ounce as of 9:08 a.m. Singapore time, Bloomberg content carried by Yahoo Finance reported, with Bloomberg describing bullion as rising "to just shy of $4,600 an ounce."

The subpoenas, tied to renovations of the Fed’s headquarters, were disclosed in coverage that Bloomberg and Yahoo carried on Jan. 12, 2026. Bloomberg reported that Fed Chair Jerome Powell said the Fed had been served grand‑jury subpoenas related to his June congressional testimony on the renovations. Yahoo Finance’s version of the Bloomberg reporting framed the development as the Justice Department "threaten[ing] the Federal Reserve with a criminal indictment," language that underscored how the legal action fed concerns about the central bank’s institutional independence.

Silver and other precious metals moved even more sharply. Silver jumped about 4.6% after surging nearly 10% the prior week, with social‑media market posts on Stocktwits reporting futures briefly spiking past $84 an ounce (Stocktwits, Jan. 11, 2026, 9:55 p.m. EST). Stocktwits also reported a fleeting gold‑futures print above $4,600 an ounce in early trading. Palladium and platinum advanced alongside the rally, while the Bloomberg Dollar Spot Index dipped roughly 0.2% in the same coverage (Bloomberg/Yahoo).

A second, parallel source of investor anxiety amplified the move into safe assets. Market commentary on social channels cited a Wall Street Journal report, reposted on Stocktwits, that President Donald Trump was set to meet senior officials to weigh responses to intensifying protests in Iran, including possible sanctions, cyber operations and military options. Those reported deliberations added to geopolitical risk and reinforced demand for bullion, according to the coverage reproduced on Yahoo and Bloomberg.

The price action arrived against a backdrop of monetary policy expectations that already favored easier conditions. Markets are pricing in at least two U.S. rate cuts this year after the Federal Reserve reduced rates three times in the second half of last year, Bloomberg and Yahoo noted. The legal pressure on the Fed and the prospect of renewed political interference have the potential to complicate the central bank’s communications and markets’ interpretation of future guidance.

Equity futures fell late Sunday as traders digested the subpoenas and Iran developments ahead of major bank earnings, while social‑media sentiment measures cited by Stocktwits showed mixed retail positioning—SPY sentiment described as "neutral" and QQQ as "bullish." For investors, the immediate implication is a rotation into stores of value and a sharper bid for metals that historically hedge political and policy uncertainty.

Looking ahead, analysts say sustained legal scrutiny of the Fed or a significant escalation in Iran could anchor higher volatility and extend the rally in precious metals. If the subpoenas result in protracted probes or broader political conflict encroaches on central‑bank autonomy, the market’s recalibration could be more structural, reinforcing safe‑haven demand over a longer horizon.