Gold prices dip after record highs

north_east

On 13 January, gold prices slightly declined as investors took profits following a record surge to $4,600 per ounce amid growing geopolitical and economic uncertainty, Reuters reported.

As of 06:46 GMT, spot gold fell 0.3% to $4,593.81 per ounce. February gold futures in the US dropped 0.6% to $4,587.10 per ounce.

Earlier, gold had surged more than 2% after reports that the Donald Trump administration opened a criminal investigation into Federal Reserve Chairman Jerome Powell, reaching a record $4,629.94 per ounce in the previous session.

Geopolitical tensions escalated further after Trump announced on 12 January that any country trading with Iran would face a 25% tariff in trade with the US. The situation in Iran intensified amid Trump’s global power demonstrations, which also included proposals to detain Venezuelan President Nicolás Maduro or acquire Greenland by force.

Safe-haven assets like gold usually perform well amid low interest rates and heightened geopolitical or economic risks.

Citi Bank raised its three-month target price for gold to $5,000 per ounce and silver to $100 per ounce, citing strong investment dynamics and factors likely to support price growth in the first quarter.

On 12 January, both gold and silver had hit record levels after the US Department of Justice threatened the Federal Reserve with criminal charges, raising concerns about the system’s independence. Meanwhile, protests in Iran further increased demand for safe-haven assets.