Gold prices jumped to a record high in Asian trading on Monday, as escalating unrest in Iran, mounting political pressure on the U.S. Federal Reserve, and weaker U.S. jobs data boosted demand for safe-haven assets.

Spot gold rose as much as 2% to a record peak of $4,601.17 an ounce. It was last up 1.4% at $4,574.85/oz by 01:59 ET (06:59 GMT).

U.S. Gold Futures advanced as much as 2.5% to $4,612.04/oz.

Other precious and industrial metals also posted strong gains, with silver scaling a record high while platinum and copper hovered near their respective peaks.

Gold climbed over 4% last week, mainly due to haven demand after U.S.-Venezuela tensions erupted.

Deadly protests in Iran boost safe-haven appeal

Safe-haven demand was fuelled by deepening turmoil in Iran, where unrest linked to anti-government protests has killed more than 500 people, according to reports.

Tensions escalated after Tehran warned it could target U.S. military bases if President Donald Trump intervenes on behalf of protesters, raising fears of a broader regional conflict.

"We are looking at it very seriously. The military is looking at it, and we’re looking at some very strong options,” Trump told reporters on Sunday.

US DOJ serves Fed with subpoenas

Gold was further supported by political uncertainty in Washington after the U.S. Justice Department threatened the Federal Reserve with a possible criminal indictment.

Federal Reserve Chair Jerome Powell said the central bank has been served with grand jury subpoenas over his Senate testimony, a move that has unsettled markets and revived concerns about the independence of the central bank.

The developments pressured the U.S. dollar, making gold cheaper for holders of other currencies and adding momentum to the rally.

Economic data also played a key role in lifting bullion. On Friday, U.S. government data showed nonfarm payrolls increased by 50,000 jobs in December, missing expectations for a 66,000 rise, while the unemployment rate edged down to 4.4%, below forecasts of 4.5%.

The softer jobs data reinforced signs of a cooling labour market and strengthened bets that the Federal Reserve may further ease monetary policy in 2026.

Metal markets upbeat; silver hits all-time high

Silver prices surged over 5% to hit a new record high of $84.58/oz, while platinum advanced 4% to $2,382.4/oz, nearing record highs hit last month.

Benchmark Copper Futures on the London Metal Exchange rose 1.5% to $13,194.25 a ton, hovering near the record peak of $13,390.0 per ton reached last week.

U.S. Copper Futures jumped 2% to $6.01 a pound, just below an all-time high of 6.11 per pound.