Silver prices reached a new record high early on Tuesday, while gold prices remained mostly unchanged. Both precious metals jumped on Monday, mainly because investors are worried about a Justice Department investigation involving Federal Reserve Chair Jerome Powell.

As of 9:15 a.m. EST on Tuesday, silver was trading at around $88, up 3.4%. This breaks the previous record of just over $86, which was set a day earlier. Meanwhile, gold was priced at about $4,624, slightly below its record high of $4,630, which it reached on Monday.

Gold and silver prices have been rising strongly since last year. However, analysts say Monday’s sharp jump happened because investors rushed to buy safe assets after news of a Justice Department probe into Powell. Powell said the Federal Reserve received subpoenas linked to renovations at its headquarters and his testimony on the issue.

Carsten Menke, Head of Next Generation Research at Julius Baer Group, told Bloomberg that growing pressure on the Federal Reserve could support higher precious metal prices in the future. He said silver prices often move more sharply because silver markets are smaller than gold markets. Another analyst, Zain Vawda from MarketPulse, told Reuters that the investigation is pushing investors toward physical assets like gold and silver, as the independence of the Federal Reserve is now being questioned.

Due to the sharp price movements, CME Group, a major exchange operator, announced changes to margin rules for precious metals late Monday. Previously, traders paid a fixed dollar amount as margin. Going forward, margins will be based on a percentage of the metal’s total value. CME said the change is part of a normal review to manage market volatility and will take effect after markets close on Tuesday. Some experts believe this move could temporarily slow down the rise in gold and silver prices.

The Justice Department investigation focuses on renovations at the Federal Reserve’s headquarters and Powell’s testimony to the Senate. Powell confirmed that he received subpoenas that could lead to criminal charges. He called the investigation unusual and said it should be viewed as part of wider political pressure on the central bank. Former President Donald Trump denied knowing about the investigation but criticized Powell’s performance. Trump has repeatedly attacked Powell for not cutting interest rates more aggressively and is expected to choose a new Fed chair soon.

Several other factors have also pushed gold and silver prices higher. In 2025, silver rose as much as 150%, while gold gained 65%. Falling interest rates and global tensions have increased demand for safe investments. Silver demand has also grown due to its use in electric vehicles, artificial intelligence data centers, and other technologies.

China, one of the world’s biggest silver exporters, recently imposed new export limits, which has further reduced supply. Analysts say this could cause sudden price swings in different regions. Silver prices have also been very volatile due to fears of future tariffs, which led to large amounts of silver being stored in the U.S., creating shortages in London trading markets.

Overall, uncertainty in global politics and financial markets continues to drive strong demand for gold and silver.

Published: 14th January 2026

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