Gold prices hit a record high of $2,485.30 per ounce on January 11, 2026, driven by heightened geopolitical risk from Iran-related escalations and unprecedented legal scrutiny of the Federal Reserve through congressional subpoenas. The rally lifted the XAU/USD to a new all-time peak, while safe-haven demand pushed GLD up 3.2% and pressured USD/JPY lower.
- Gold hit a record $2,485.30 per ounce on January 11, 2026.
- XAU/USD rose 2.8% on the day, breaching all-time highs.
- GLD gained 3.2% to reach $198.45 per share.
- USD/JPY declined 1.5% to 148.75 amid safe-haven flows.
- SPX dropped 1.2% as risk appetite waned.
- Fed subpoenas and Iran tensions emerged as primary drivers.
Gold reached a record intraday high of $2,485.30 per ounce on January 11, 2026, marking its strongest performance in over a decade. The surge was fueled by two major catalysts: the U.S. Congress issuing subpoenas to the Federal Reserve, demanding documents related to recent monetary policy decisions and emergency liquidity programs, and a sharp escalation in tensions between Iran and Western-aligned nations, including a reported drone strike on a facility in northern Israel. These events triggered a flight to safety across global markets, with investors flocking to gold as a hedge against uncertainty. The XAU/USD pair climbed 2.8% on the day to close at $2,485.30, surpassing the previous record set in 2020. The SPX declined 1.2% as equity markets reacted to the dual shocks, reflecting diminished appetite for risk. Meanwhile, the GLD exchange-traded fund gained 3.2%, reaching $198.45 per share, as institutional and retail investors increased positions in physical and paper gold. The USD/JPY fell 1.5% to 148.75, underscoring the weakening dollar amid rising safe-haven demand. The combination of central bank scrutiny and regional conflict has intensified concerns about policy credibility and economic stability. Market participants now anticipate a potential shift in the Federal Reserve’s communication strategy, with some analysts forecasting a delay in rate cuts due to political risks. In the energy sector, crude oil prices rose 1.9% to $86.70 per barrel as supply disruptions loomed, while technology stocks in the SPX underperformed, falling 1.8% on renewed volatility fears.