Ammon News - Gold prices surged about 2% to an all-time high of $4,600 per ounce on Monday, while silver also set a new record, as a criminal probe by the Trump administration into Federal Reserve Chair Jerome Powell sent investors scuttling back into the safe haven.

Spot gold jumped 1.9% to $4,596.05 per ounce by 0931 GMT, after hitting a record high of $4,600.33 earlier in the session. U.S. gold futures for February delivery gained 2.3% to $4,606.20.

"With the Fed's independence now openly contested, the 'political risk' discount usually reserved for emerging markets is bleeding into the U.S. dollar, driving investors toward hard assets," said Zain Vawda, analyst at MarketPulse by OANDA.

Spot silver rose 5.5% to $84.32 per ounce after hitting an all-time high of $84.60 earlier in the day.

Spot platinum climbed 4.6% to $2,376.75 per ounce after scaling a record high of $2,478.50 on December 29.

Reuters