Gold closes above $4,600, setting record high

February gold futures gained 2.52% to $4,614.7 an ounce

Gold prices rose at Monday’s settlement, marking a new record close amid uncertainty following the US Department of Justice’s launch of a criminal investigation into Federal Reserve Chair Jerome Powell.

February gold futures gained 2.52%, or $113.8, to $4,614.7 an ounce, recording their first record close of 2026.

After touching a record high of $86.22 an ounce, spot silver pared some gains to rise 7% to $85.59 an ounce at 10:17 p.m. Mecca time.

Federal Reserve Chair Jerome Powell said over the past weekend that he had received a subpoena from the Department of Justice for a criminal investigation related to his congressional testimony on the budget for renovating the Fed’s headquarters.

The probe is seen as a new attempt by President Donald Trump’s administration to undermine the Fed’s independence, triggering a selloff in US assets and shaking investor confidence in the future of the world’s largest economy’s monetary system.