Gold Surges Past $5,200 as Dollar Hits Low
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6 hours ago
Gold prices broke through $5,200 per ounce on Wednesday as the US dollar fell to a near four-year low.
Spot gold surged 1.4% to $5,262.66 per ounce, earlier reaching a record high of $5,266.37. It has gained over 20% this year.
US gold futures for February delivery jumped 3.4% to $5,255.30 per ounce, reflecting strong demand amid geopolitical and economic concerns.
Analysts said gold’s rise is linked to a weak dollar, influenced by President Trump’s remarks signaling support for a lower greenback.
Read more : Pakistan Remittances Could Cross 50 Billion Dollars Annually
The US dollar struggled near four-year lows as consumer confidence fell to its lowest level in more than 11 years.
The Federal Reserve is expected to hold interest rates steady at its January meeting. Markets remain cautious ahead of Fed Chair remarks.
Other precious metals also gained. Spot silver rose 2% to $115.40, platinum jumped 1.7% to $2,685.16, and palladium increased 0.7% to $1,946.75.
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