On Monday, gold reached a record level of $4,600 per ounce, increasing by up to 2%, while the dollar depreciated by 0.3% against a basket of major currencies, and futures contracts on Wall Street fell. This was influenced by a criminal investigation opened by U.S. prosecutors against Federal Reserve Chairman Jerome Powell, which raised concerns about the independence of the central bank. Silver also rose, reaching a new record of $84.60. Futures contracts on the S&P 500 and Nasdaq 100 fell by 0.7% and 0.9%, respectively. The yield on 10-year U.S. Treasury bonds rose to 4.2%. Mike Riddell from Fidelity International commented that political pressure on the Fed leads to a weaker dollar and higher yields. Powell confirmed that the Fed received legal citations related to a $2.5 billion renovation of the central bank's headquarters. Analysts at ING mentioned that markets are waiting, assessing the impact on the dollar and the Fed's independence. The rise in gold prices is fueled by geopolitical tensions, and John Woods from Lombard Odier emphasized that gold is considered a benchmark asset in the context of current geopolitical risks.
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