Justice Department subpoenas the Fed in Powell probe; gold jumps to record above $4,600

Jerome Powell disclosed that the Justice Department had served the Federal Reserve with subpoenas, in a probe tied to his testimony about the central bank's building renovations. Spot gold rose more than 2.5% to a fresh record above $4,600 an ounce, and silver approached $85. Traders read the move as a threat to Fed independence, which lifted demand for hard assets.

• Gold: up more than 2.5% to a record above $4,600 an ounce
• Silver: up more than 7%, approaching $85 an ounce
• Subpoenas concern Powell's testimony on Fed building renovations