Overview
- Spot gold set a record intraday high near $4,600.33 per ounce and February futures traded around $4,591, while silver reached an all‑time peak of about $83.96.
- Jerome Powell said the Justice Department issued subpoenas to the Federal Reserve, escalating a dispute linked to costly building renovations criticized by President Trump.
- U.S. equity futures softened in the session, with S&P 500 and Dow contracts down roughly 0.5% and Nasdaq futures lower by about 0.8%.
- Asian stocks advanced as China led gains, with the Shanghai Composite hitting its highest level since 2015 and Hong Kong’s Hang Seng up around 0.4%.
- Traders positioned for at least two Fed rate cuts in 2026, supporting flows into precious metals, and HSBC projected gold could reach $5,000 in the first half of the year.