12.01.2026 16:21
The statement by Fed Chairman Jerome Powell that the Justice Department has served subpoenas to the Fed and that the institution is facing the threat of a criminal indictment due to his testimony regarding building renovations stirred the markets. This "subpoena" announcement escalated the Trump-Fed tension, increasing investor demand for safe havens and triggering record attempts in gold and silver.
Gold prices hit a record high due to increased demand for safe havens from investors, influenced by the investigation agenda regarding the U.S. Federal Reserve (Fed) and geopolitical tensions.
STARTED THE DAY WITH A RECORD
Spot gold, which reached $4,601 in the morning hours, traded at $4,566, reflecting a 1.5% increase compared to Friday, despite a slight correction later in the day. Gram gold also set a record at 6,382 TL in the morning before pulling back to 6,342 TL. Spot silver, which has been breaking records in 2025, also surpassed $84, hitting a record of 84.40.
"SUMMONS" EXIT THAT MOVED THE MARKETS
Behind the sharp rise was a notable development regarding the Fed. U.S. Federal Reserve Chairman Jerome Powell stated that the Department of Justice served subpoenas to the central bank on Sunday and that the Fed was threatened with a criminal indictment due to the testimony it provided this summer regarding building renovations. This move is seen as representing an "unprecedented escalation" in the struggle between the Fed, an independent institution that has been attacked multiple times for not cutting the key interest rate as aggressively as desired, and U.S. President Donald Trump. Both this development and geopolitical risks have turned the direction of gold prices upward.
STRIKING WORDS FROM ISLAM MEMİŞ
A striking assessment on the matter also came from Financial Analyst Islam Memiş. Memiş stated, "We are on the first trading day of the week. There is a new record attempt for gram gold and ounce gold. There was geopolitical tension in the markets last week, and that side was priced in. Our eyes are on Iran; there was concern about whether America would intervene, and street protests continue. But something interesting happened early this morning," he said.
"THEY HAVE TAKEN ME TO COURT"
Memiş noted that Powell made "a very strong statement" in front of the cameras, saying, "Fed Chairman Powell said that he received a subpoena from the Department of Justice, they have taken me to court... I believe a subpoena has been sent to Fed Chairman Powell regarding this. Fed Chairman Powell also broke his silence; he stated that I am the president of an independent Central Bank, the Fed is independent, I am in office until my term ends, I have worked with many American presidents, and we have not compromised on our stance," he expressed.
Memiş evaluated, "Therefore, the subpoena of Fed Chairman Powell and his strong statements have led to new record attempts in gold and silver prices."