Gold hits record high, dollar falls as US targets Fed
TDT | London
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The dollar mostly weakened and gold hit a record high Monday as investors digested news that the US Justice Department is probing the Federal Reserve, raising fears over the central bank's independence against President Donald Trump's push for lower rates.
Wall Street's main indices opened lower, with Briefing. com analyst Patrick O'Hare saying "market participants may be using this compendium of news as an excuse to take some profits following a hot start to 2026..."
Most stock markets have enjoyed a solid start to 2026, with indices in Frankfurt, London, Paris and Seoul hitting record highs last week, largely on optimism for the tech sector and gains in defence sector shares. European stocks edged higher after a strong showing in Asia.
The dollar fell against major peers, as did the price of the benchmark 10-year US Treasury bond, sending its yield slightly higher.
Gold climbed close to $4,600 an ounce while silver approached $85 an ounce as investors sought traditional safe havens.
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