Silver stocks and ETFs rose in overnight trading. AGQ surged 12%; Endeavour Silver up over 7%; SLV up 6%; First Majestic Silver up about 5%.

Spot silver was up 5.56% at $84.42 per ounce, after hitting an all-time high of $83.96 earlier in the day, as investors snapped up safe havens due to heightened geopolitical uncertainties and a criminal probe into Federal Reserve Chair Jerome Powell.

Unrest in Iran has killed more than 500 people, a rights group said on Sunday, as Tehran threatened to target U.S. military bases if President Donald Trump carries out his renewed threats to strike the country on behalf of protesters.

Iran's unrest comes as Trump flexes U.S. muscles internationally, having ousted Venezuelan President Nicolas Maduro, and discussing acquiring Greenland by purchase or force.

Powell said on Sunday the Trump administration had threatened him with a criminal indictment over Congressional testimony, an action Powell called a "pretext" aimed at putting further pressure on the central bank to lower rates. This sent the dollar and U.S. equity futures lower.

Investors currently expect at least two Fed rate cuts this year.

Non-yielding assets tend to do well in a low-interest-rate environment and during geopolitical or economic uncertainties.

"I expect that central bank appetite for gold and silver will continue to grow this year, with precious metals perceived as being a lower risk alternative to the dollar," Waterer said.