Gold prices surged on Friday, nearing record highs amid concerns of political interference in U.S. monetary policy over President Trump's attempt to fire Federal Reserve Governor Lisa Cook. The SPDR Gold Trust saw a nearly 1% increase, reaching $3,450 per ounce, close to the record $3,500 set in April. This marks the fourth consecutive session of gains and breaks gold out of a four-month sideways range. Silver also saw a spike, jumping almost 2% to $39.70 per ounce – its highest level since September 2011. Silver's year-to-date increase of 35% surpassed gold's 32% gain. The Core PCE price index, a key inflation measure, rose to 2.9% year-over-year in July. Fed Chair Jerome Powell hinted at possible rate cuts during the Jackson Hole symposium.