Gold and silver hit record highs amid Fed uncertainty.

Spot gold and silver reached record prices on Monday as investors sought safe-haven metals amid renewed uncertainty over the US Federal Reserve, including reports that Fed chair Jerome Powell was served a grand jury subpoena.

Spot gold and silver reached new records on Monday as investors moved into safe-haven metals. The price gains followed renewed questions about the US Federal Reserve's independence after repeated political attacks and reports that Fed chair Jerome Powell was served a grand jury subpoena. Other factors cited include falling US rates, rising geopolitical tensions, and tightness in the physical silver market. Recent buying in China and reported inventory strains were also described as reinforcing demand. Key facts: - Spot gold rose as much as 2.6% to a record $4,625.34 an ounce, passing $4,600 for the first time. - Silver surged about 7.2% to a record $85.73 an ounce, with ongoing reports of supply tightness and reduced warehouse inventories. - Reporting links part of the rally to uncertainty over the Fed's independence, including repeated political attacks and a reported grand jury subpoena for Fed chair Jerome Powell. - Additional reported drivers include lower US interest rates, rising geopolitical tensions, strong investment demand, and speculative activity in China. Summary: The rally in precious metals reflects heightened demand for haven assets amid institutional uncertainty and physical market tightness, particularly in silver. Officials have been reported as taking legal steps involving the Fed chair, and the immediate procedural outcome is undetermined at this time. Market observers note these developments are among several factors shaping prices.