Mark, How many diffusers are in the pond and what are they made of? Stone, membrane, soaker hose?

It sounds like the pond's ability to absorb the nutrients has decreased and if the system is undersized, it is not meeting the oxygen demand of the pond. This is compunded when you have what may be an aglae bloom that yes, creates oxygen durning the day but at night consumes it.

If this is what is happening then the iron, nitrates, phosphates etc are now mobile through out the water column where the algae can use it as a food source.

I understand that you state that there are no other influences of nutrients to the pond but simple soil and fish food and fish waste and now decaying algae can add to the nutrient loading of a pond. By adding another diffuser, the Biochemical and Sediment Oxygen demands will be met and the iron will precipitate to the bottom and bond the phosphates and other nutrients to the sediments and render them unavailable for use by the plankton algae. Also by meeting the oxygen demand, the area for zooplankton will increase which will graze on the plankton bloom you currently have.

So, how many and what kind of diffusers do you have. Is there also anything unusual about the pond as in shape or does it have an island or pennisula?