Gold Hits Record Above $4,600 as Geopolitical Risks and Fed Independence Fears Mount

A worker polishes gold bullion bars at the ABC Refinery in Sydney on Aug. 5, 2020. David Gray/AFP via Getty ImagesGold prices surged to a fresh all-time high on Jan. 12, breaking more than $4,600 per ounce, as escalating geopolitical tensions and investor concerns about Federal Reserve independence reignited demand for safe-haven assets, battered the dollar, and weighed on stocks.Spot gold rose by more than 2.3 percent to $4,615.36 per ounce as of 10:07 a.m. EST on Jan. 12, while U.S. gold futures for February delivery climbed by more than 2 percent to $4,611.3, after briefly surging to about the $4,626 mark in earlier trading.