Gold posts record close above $4,600

Gold futures for February delivery climbed 0.80% to $4,635.7 an ounce

Gold prices rose at the close of Wednesday’s session, supported by heightened economic and geopolitical uncertainty that boosted demand for safe-haven assets.

Gold futures for February delivery climbed 0.80%, or $36.6, to $4,635.7 an ounce, marking the second record close in 2026 for the most active contract.

The gains came amid escalating geopolitical tensions in the Middle East after Iran threatened to strike US bases in the region should Washington intervene in its domestic affairs following popular protests.

Separately, officials from Denmark and Greenland held a meeting with representatives of the US administration in Washington today to discuss President Donald Trump’s efforts to take control of the Arctic island.

These developments coincided with Trump stepping up his attacks on Federal Reserve Chair Jerome Powell, after the Justice Department summoned Powell for a criminal investigation related to renovation expenses at the central bank’s headquarters, a move markets viewed as another attempt by the White House to undermine the independence of monetary policy.

Data released today showed that US producer price inflation accelerated to 3% in November from 2.8% in the previous month, defying expectations for a slowdown to 2.7%.