Gold and silver reached record intraday highs on Monday following remarks from Federal Reserve Chair Jerome Powell. In a video released Sunday, Powell stated that "threats and ongoing pressure" from the Trump administration are endangering the central bank's independence.
Gold futures increased by 2%, surpassing $4,600 per troy ounce. Silver rose above $84 per ounce. Powell referenced a Department of Justice subpoena concerning his testimony on headquarters renovations, describing it as part of a "broader context of the administration's threats and ongoing pressure."
A decline in the U.S. dollar and equities also contributed to gains for gold, silver, platinum, and palladium.
"If you're wondering why people are buying precious metals at all-time highs, the assault on the Fed is a reminder," said Robin Brooks, a senior fellow at the Brookings Institution, in a post on X Monday morning. "That's a deeply destabilizing event that's feeding safe haven demand," he added.
The price increases follow a week of gains after the United States captured Venezuelan leader Nicolás Maduro, threatened to acquire Greenland through negotiation or "the hard way," and escalated tensions with Iran.
"Gold is no longer moving solely as a hedge against inflation or dollar weakness, but increasingly as protection against geopolitical disorder and the reshaping of global power dynamics," said Rania Gule, a senior market analyst at XS.com, on Monday.
Gold and silver entered 2026 with gains, continuing last year's historic rally. Foreign central banks have been purchasing gold at a record pace in recent years, recently holding more bullion than U.S. Treasurys for the first time since 1996.
Silver outperformed gold last year and into 2026. China restricted silver exports at the start of this year, and analysts have noted a deficit due to the metal's industrial uses during an artificial intelligence and reshoring boom.
"But care must be taken if chasing prices higher as the risks of a sharp correction only increase as silver makes fresh highs," said David Morrison, a senior market analyst at Trade Nation.