Summary
- It reported that gold and silver prices hit record highs as safe-haven demand strengthened on news of a U.S. Department of Justice probe into Federal Reserve Chair Jerome Powell.
- It said gold futures rose 2.5% to $4,604.30 per ounce and silver futures jumped 7.3% to $84.61.
- It added that the market sees concerns over damage to the Fed’s independence potentially increasing financial-market volatility, which has spurred buying in gold and silver.
According to Walter Bloomberg, a breaking economic news account, on the 12th (local time), gold and silver prices hit record highs as risk-off sentiment strengthened after reports emerged of a U.S. Department of Justice (DOJ) investigation into Federal Reserve (Fed) Chair Jerome Powell.
Gold futures rose 2.5% to $4,604.30 per ounce, while silver futures surged 7.3% to $84.61. The market is pricing in the risk that concerns over potential damage to the Fed’s independence could amplify volatility in financial markets, fueling buying in gold and silver.
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