Gold prices surged near record highs on Friday, hitting $3,450 per ounce amid fears of political interference in U.S. monetary policy due to President Trump's attempt to fire Federal Reserve Governor Lisa Cook. The SPDR Gold Trust climbed nearly 1%, with gold marking its fourth consecutive session of gains and breaking out of a four-month sideways range due to concerns over inflation and central bank independence. Silver also surged, reaching $39.70 per ounce, up 35% year-to-date, outpacing gold's 32% gain. The Core Personal Consumption Expenditures price index rose to 2.9% year-over-year in July, its highest in five months. Fed Chair Jerome Powell hinted at rate cuts at the recent Jackson Hole symposium.