Gold and silver surged to fresh record highs Monday as investors reassessed the Federal Reserve’s independence fears amid a new political escalation.

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Gold prices — as tracked by the SPDR Gold Shares (NYSE:GLD) — jumped 2.5% to $4,620 an ounce, setting another all-time high. Silver also soared more than 7% to $86 an ounce, extending its 12-month rally to over 190%

The move followed reports that the Department of Justice opened a criminal probe into Federal Reserve Chair Jerome Powell over renovation costs at the Fed’s headquarters.

Powell framed the investigation as a pretext to…

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