Gold surges to new record highs, approaching $5,600
Gold prices have been rising sharply in recent weeks (Photo: Getty Images)
Gold prices continue their sharp rally, once again hitting a fresh all-time high in recent days and surpassing the $5,400 per troy ounce mark, reports Reuters.
During trading on Tuesday, spot gold rose by around 2% to $5,511.79 per ounce, after earlier reaching a record high of $5,591.61. The precious metal has thus extended its multi-week record-breaking streak.
Analysts attribute the surge to strong demand for safe-haven assets amid global economic and geopolitical uncertainty. Key drivers include rising government debt, heightened international tensions, and concerns over the direction of economic policy in several major countries.
Additional support for the gold market is coming from central banks, which continue to build up reserves, as well as from major institutional investors. According to market participants, interest in gold remains consistently high despite record price levels.
Gains have also been recorded in other precious metals. In particular, silver has approached the $120 per ounce level, while platinum is also posting record quotations.
Experts note that if current global risks persist and leading central banks maintain a loose monetary policy, gold prices may remain elevated going forward.
Precious metals prices
Just a day earlier, on January 28, gold was trading above $5,200 per ounce. The rally has continued amid a weakening US dollar and an outflow of investors from sovereign bonds and currencies.
On January 20, gold prices surpassed $4,700 per ounce for the first time ever ($151.1 per gram), while silver remained slightly below its record level.
By January 23, gold had set another all-time high, with silver and platinum continuing to rise and also reaching record levels.
