On Monday (January 12), during the Asian session, precious metals quickly strengthened: Spot gold (XAU/USD) surged and broke through the $4,600 mark, reaching a new phase historical high; silver performed even more dramatically with its intraday gains expanding to about 5%, pushing prices above $84 per ounce, also setting a record.
Both Gold and Silver Reach New Heights: Silver's Surge More Aggressive
From the market perspective, this round of surge seems to result from "a concentration of safe-haven funds entering the market." Gold quickly rose back to historical high levels, while silver, due to its greater volatility and elasticity, saw significantly increased gains, making it one of the day's leading gainers.
Two Main Lines of Safe-Haven Buying: Fed Independence Controversy and Rising Middle East Risks
On the news front, Powell emphasized that the Federal Reserve prioritizes public interest in setting rate policies, which sparked renewed market discussions on whether "monetary policy can remain free from political interference," thus increasing safe-haven sentiment. Meanwhile, U.S. officials stated that Trump is evaluating various options related to Iran (including aircraft carrier deployments, cyber actions, and information warfare), and these geopolitical uncertainties have amplified the safe-haven appeal of precious metals.
Institutional Perspective: Goldman Sachs Still Points to $4,900 by Late 2026
At the institutional outlook level, Goldman Sachs maintains a bullish view: they assess that by the end of 2026, gold prices might reach $4,900 per ounce. Such "upper target" is not a short-term price path commitment, but it often strengthens market confidence in buy-the-dip strategies.
