Gold and silver prices touched record highs on Monday as markets reacted to the US Justice Department’s escalation of tensions with the Federal Reserve and intensifying protests in Iran that heightened geopolitical risks.
MCX gold February futures surged 1.46 per cent to Rs 1,40,838 per 10 grams, while MCX silver March futures rose 3.66 per cent to Rs 2,61,977 per kg.
Spot gold price surged 1.45 per cent to $4,575.82 an ounce, after hitting a fresh record high of $4,601.17. Silver prices gained 4.85 per cent to touch $83.19, after hitting a record high of $83.88.
Fed Chair Jerome Powell disclosed that the central bank had received grand jury subpoenas from the Justice Department tied to his June congressional testimony on renovations at the Fed’s headquarters. The development signalled a sharp intensification of US President Donald Trump’s confrontation with the Fed and renewed concerns about the central bank’s independence.
