Gold and silver hit record highs after Federal Reserve chair investigation announced

Gold and silver hit record highs on Monday after the Justice Department announced that federal prosecutors opened a criminal investigation against Jerome Powell, the current chairman of the Federal Reserve (FED).

Federal prosecutors in Washington opened a criminal investigation against Jerome Powell, the current chairman of the Federal Reserve, in connection with costly renovations to the agency's headquarters and possible inconsistencies in his statements to Congress.

"I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure," Powell said after explaining that on Friday the Justice Department served the Federal Reserve with grand jury subpoenas, "threatening criminal indictment."

Gold hit $4,600 an ounce and silver hit $85, both record highs, as investors sought safe havens amid the uncertainty over the situation. Meanwhile, the Federal Reserve has said it intends to hold interest rates steady at its late-January meeting, as Trump pushes for a cut.