Gold surged to a record high and the dollar fell Monday as investors reacted to news that the U.S. Justice Department is investigating the Federal Reserve, raising concerns over the central bank’s independence amid President Donald Trump’s push for lower interest rates.

Wall Street opened modestly lower, though by early afternoon only the Dow remained in the red, dragged down by banking stocks after Trump also threatened to cap credit card interest rates. European markets finished mostly higher following strong gains in Asia.

Fed Chair Jerome Powell confirmed the “unprecedented” subpoenas in a rare video address Sunday, saying the threat of criminal charges stems from the Fed “setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”

Russ Mould, investment director at AJ Bell, said, “The probe has unnerved markets and raised questions about what might happen to the Fed once Powell steps down in May. There is a fear that Trump is meddling too much with policies that are meant to be set independently.”

The Fed received grand jury subpoenas Friday related to Powell’s Senate testimony in June, including discussion of a major renovation of Fed office buildings. The central bank has indicated it will keep interest rates steady at its upcoming policy meeting.

The dollar weakened against the euro and the pound, while U.S. 10-year Treasury yields rose slightly. Gold climbed above $4,600 an ounce and silver neared $86 as investors sought safe havens. Forex.com analyst Fawad Razaqzada noted, “Beyond monetary and political concerns, gold remains well supported by ongoing geopolitical risks,” citing renewed tensions in Iran.

Trump said Sunday he was considering military action against Iran following reports of hundreds of deaths during protests, telling reporters, “We’re looking at it very seriously. The military is looking at it, and we’re looking at some very strong options.”

Oil prices edged higher amid the unrest in Iran and U.S. seizures of Venezuelan crude.

Banking stocks were hit by Trump’s plan to cap credit card rates at 10 percent, with American Express, JPMorgan Chase, and Visa among the biggest losers.

Asian markets rose, led by Hong Kong and Shanghai, while Tokyo was closed for a holiday.

Key markets (around 1630 GMT Monday):

• Dow: DOWN 0.2% at 49,423.70

• S&P 500: FLAT at 6,968.50

• Nasdaq: UP 0.2% at 23,723.55

• FTSE 100: UP 0.2% at 10,140.70

• CAC 40: FLAT at 8,358.76

• DAX: UP 0.6% at 25,405.34

• Hang Seng: UP 1.3% at 26,608.48

• Shanghai Composite: UP 1.1% at 4,165.29

Currencies:

• Euro/dollar: $1.1678

• Pound/dollar: $1.3470

• Dollar/yen: 158.10

Oil:

• Brent: $63.60/bbl UP 0.4%

• WTI: $59.20/bbl UP 0.1%