Gold hit a new record high of $4,600 an ounce, driven by concerns about the Federal Reserve's independence and escalating geopolitical risks, which boosted demand for safe-haven assets. Federal Reserve Chairman Jerome Powell revealed on Sunday that he had received threats of criminal charges over his testimony before the Senate last June, criticizing the move as part of Trump's pressure on the Fed to lower interest rates.
Meanwhile, the speaker of Iran’s parliament warned the United States and Israel against any interference after President Trump threatened to launch strikes amid widespread protests in Iran that have reportedly left hundreds dead.
Additional support came from expectations of further US interest rate cuts after data on Friday showed job growth in December slowed more than expected.
Traders are anticipating two interest rate cuts this year, despite widespread expectations that the Federal Reserve will leave rates unchanged later this month. Markets are now focused on this week's US inflation report for further clues about the Fed's future interest rate path.