The spot price of gold set a new record during trading on Monday.
As of 8:22 a.m. Kyiv time, it stood at $4,574.77 per ounce, up 1.5% from the previous session’s close. Earlier in trading, the spot price of gold rose to $4,599.87 per ounce, a record high.
Gold futures on the Comex exchange added 1.9% to $4,586.5 per ounce.
Other precious metals are also rising in price. The spot price of silver rose 5.5%, platinum 3.5% and palladium 3.2%.
Demand for precious metals is being driven by heightened geopolitical risks and concerns about the independence of the US Federal Reserve (Fed), which have been exacerbated by news that the US Department of Justice is preparing criminal charges against Fed Chairman Jerome Powell.
According to Powell, the charges are related to his statements during a speech to the Senate Banking Committee in June last year on the long-term project to renovate the Fed’s headquarters.
‘These unprecedented actions should be viewed in the broader context of threats and ongoing pressure from the US administration,’ Powell said.
In addition, the United States continues to monitor the protests in Iran and is considering various options for action, US President Donald Trump said.
When asked how Washington would respond if Iran attacked American military bases, the president said, ‘We will strike them with a magnitude they have never experienced before.’
Trump also repeated his threats to take control of Greenland.
