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Gold's (TVC: $GOLD ) latest record comes on reports that the U.S. Department of Justice has opened a criminal investigation into Federal Reserve Chair Jerome Powell.

Speculation that the current situation could hasten a leadership change at the Fed and lead to a loss of independence at the central bank has sent investors running to gold.

At the same time, ongoing threats by U.S. President Donald Trump to takeover Greenland and instability in Iran have ratcheted up geopolitical uncertainty and rattled financial markets.

Consequently, the spot price of gold has risen 3% to $4,620 U.S. an ounce on Jan. 12. Gold's price is already up 6% this year after rallying more than 60% in 2025.

Federal prosecutors in the U.S. are examining a $2.5 billion U.S. renovation of the central bank's Washington, D.C. headquarters and Powell's testimony about it to Congress.

In a video statement, Fed Chair Powell said that the investigation stems from President Trump's long-running demand that the central bank cut interest rates to stimulate the U.S. economy.

Ongoing global flashpoints in Iran and Venezuela are also burnishing gold's appeal as a safe-haven asset, say analysts.

Over the weekend, Trump said he is considering a military strike on Iran as the country cracks down on pro-democracy protesters.

The latest rise in gold's price comes as both individual investors and central banks around the world buy the precious metal and move away from the U.S. dollar.

Several Wall Street firms expect gold's price to continue rising and top $5,000 U.S. an ounce this year.