Metals surged to new record highs, fueled by concerns over the independence of the US Federal Reserve and escalating geopolitical risks, boosting demand for safe-haven assets. US federal prosecutors have opened a criminal investigation into Federal Reserve Chairman Jerome Powell over his testimony before the Senate Banking Committee last June, in which Powell accused the Trump administration of pressuring the central bank to align with its political agenda.
Markets also monitored expectations of further US interest rate cuts after Friday's jobs report showed that December's job growth fell short of forecasts. Traders still anticipate two rate cuts by the Federal Reserve this year, despite widespread expectations that the central bank will leave its monetary policy unchanged later this month. Meanwhile, geopolitical tensions remained high as protests intensified in Iran, raising the risk of a wider conflict, with reports indicating that US President Donald Trump is considering options for potential intervention.