Gold hits new record above $4,600 amid Powell probe and global tensions

Spot gold rose past $4,600 an ounce as investors moved into safe havens, and federal prosecutors are reported to be examining a $2.5 billion renovation of the Federal Reserve's Washington headquarters and Chairman Jerome Powell's testimony to Congress.

Gold rose to a record above $4,600 an ounce as investors sought safe havens amid recent geopolitical and policy tensions. The move extended gains for the metal after a period of heightened market uncertainty. Federal Reserve Chair Jerome Powell said federal prosecutors are examining a $2.5 billion renovation of the Fed's Washington headquarters and his testimony to Congress. Powell described the investigation as linked to President Donald Trump's long-running frustration with the Fed's reluctance to cut interest rates as quickly as he has urged. Key facts: - Spot gold advanced about 2% to exceed $4,600 an ounce on Monday, and prices are reported to be roughly 6% higher year-to-date. - Federal prosecutors are examining a $2.5 billion renovation of the Federal Reserve's Washington headquarters and Powell's congressional testimony, Powell said. - Powell said the probe stems from President Donald Trump's frustration with the Fed's pace and scope of interest-rate cuts. - A Morningstar analyst said the investigation could raise questions about Fed leadership and policy direction, which market participants noted as a factor in safe-haven demand. Summary: Gold's rise reflects increased demand for safe assets amid geopolitical strains and fresh policy uncertainty tied to the reported probe of the Fed's renovation and Powell's testimony. Undetermined at this time.