Web Trader MT5 
Gold extended its rally for a third straight day, hitting a fresh record above $4,600 in Asian trading, driven mainly by heightened global geopolitical risks and safe-haven demand. Escalating tensions, including the U.S. intervention in Venezuela, unrest in Iran, the Russia-Ukraine war, and U.S. pressure over Greenland have weighed on risk sentiment and boosted gold.
Additional support came from concerns over the Federal Reserve’s independence, which pressured the U.S. dollar. However, softer expectations for aggressive Fed rate cuts after the latest U.S. jobs report have limited gold’s upside momentum. Investors remain cautious ahead of key U.S. inflation data this week.
Silver also surged to a new record high at $84.50 per ounce, now up more than 5% since the market opened.
U.S. stock futures fell as the Justice Department opened a criminal investigation into Federal Reserve Chair Jerome Powell, escalating tensions between President Donald Trump and the central bank. Powell said the probe, linked to his testimony on Fed building renovations, is an attempt to pressure monetary policy and threatens the Fed’s independence. The news triggered a risk-off reaction, with volatility rising and gold jumping about 2% as investors sought safe havens.
And in the forex market, USD/JPY climbed toward 158.20 in early Asian trading as the yen weakened on reports that Japan’s Prime Minister Sanae Takaichi may call a snap election as early as February, adding political uncertainty. Meanwhile, softer-than-expected U.S. jobs growth reinforced expectations that the Federal Reserve will keep rates unchanged later this month, with markets pricing a high probability of no change. While dovish Fed expectations could limit dollar strength in the longer term, near-term USD/JPY gains were driven mainly by yen weakness.
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