Gold prices steadied while silver declined on Tuesday after both metals surged to fresh all-time highs in the previous session, driven by renewed concerns over US Federal Reserve independence following developments involving US President Donald Trump’s administration.

The two metals rallied sharply on Monday after reports of a criminal probe into Federal Chair Jerome Powell by the Trump administration. Spot gold touched a record high above $4,600 an ounce while silver climbed to an all-time peak of $86.22 an ounce.

On Tuesday, bullion traded near $4,588 an ounce, easing after a nearly 2% jump in the prior session. Silver fell about 1.4%, retreating from gains of more than 6% on Monday.

The developments reignited the so-called “sell America” trade, with the US dollar weakening and Treasuries selling off across the yield curve. Analysts said Trump’s intervention risked undermining the Fed’s ability to control inflation, unsettling financial markets and fuelling the so-called debasement trade, in which investors sell the dollar and other assets vulnerable to political and fiscal shocks.

Repeated attacks on the US central bank were a key factor behind gold’s series of record highs last year, and the metal has carried that momentum into the start of 2026. Many traders remain bullish on bullion’s longer-term appeal.

Gold rose more than 64% in 2025, marking its strongest annual performance since 1979 while silver posted its best year on record, surging nearly 147%.

Meanwhile, US gold prices eased on Tuesday after breaching the $4,600-an-ounce mark for the first time, as investors booked profits amid persistent geopolitical and economic uncertainty.

Prices of gold and silver in domestic market

In the domestic market, 24-carat gold prices rose ₹10 in early trade on Tuesday, with 10 grams trading at ₹1,42,160, according to GoodReturns. Silver prices also increased by ₹100, with one kilogram priced at ₹2,70,100. The price of 22-carat gold climbed ₹10 to ₹1,30,310 per 10 grams.

Across major cities, 10 grams of 24-carat gold was priced at ₹1,42,160 in Mumbai and Kolkata, ₹1,43,140 in Chennai, and ₹1,42,310 in Delhi. For 22-carat gold, prices stood at ₹1,30,310 in Mumbai, Kolkata, Bengaluru and Hyderabad, ₹1,31,210 in Chennai, and ₹1,30,460 in Delhi.

Silver was priced at ₹2,70,100 per kilogram in Delhi, Kolkata and Mumbai while in Chennai it traded higher at ₹2,87,100.