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.

Wall Street futures dropped and the dollar fell by the most in three ⁠weeks on Monday as tensions ​between the Fed and the Trump administration escalated.

The Trump administration threatened to indict Powell over Congressional testimony he gave last ‍summer, an action the Fed Chair called a "pretext" for the administration to gain more influence over interest rates, which ​Trump wants cut dramatically.

Major brokerages such as Goldman Sachs and Morgan Stanley expect two 25-basis-point rate cuts each in June and September.

Trump said he is also weighing a range of strong responses including military options to a violent crackdown on Iranian protests.

Iran's unrest comes as Trump flexes U.S. muscles internationally, having ousted Venezuelan President Nicolas Maduro, and discussing acquiring Greenland by purchase or force.

Non-yielding assets like gold tend to do well in a low-interest-rate environment and during geopolitical or economic uncertainties.

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

"The path (for silver) is open toward $90 and ‌potentially $100 per ounce if the industrial squeeze tightens. Looking at the gold-to-silver ratio which is narrowing, this usually suggests silver has more room to run than gold in percentage terms," Vawda ‌said.

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

Palladium gained 3.3% ⁠to $1,875.50 per ounce.