Gold nears $5,600 as investors seek safety; silver eyes $120
The Chronify
Gold surged to a fresh record on strong safe-haven demand amid global economic and geopolitical uncertainty, while silver rallied close to the $120 mark. Analysts say rising US debt, trade fragmentation and central bank buying are driving the rally.
Gold extended its blistering rally on Thursday, hitting a record just shy of $5,600 an ounce as investors flocked to safe-haven assets amid growing geopolitical and economic uncertainty. Silver also surged, coming within striking distance of the $120 level.
Spot gold jumped 2.6% to $5,538.69 an ounce by 03:49 GMT, after touching an all-time high of $5,591.61 earlier in the day.
“Growing US debt and uncertainty created by signs that the global trade system is splintering into regional blocs rather than a US-centric model are pushing investors toward gold,” said Edward Meir, analyst at Marex.
The yellow metal crossed the $5,000 milestone for the first time earlier this week and has gained more than 10% so far, supported by strong safe-haven demand, sustained central bank purchases and a weaker US dollar.
Analysts at OCBC said gold is no longer viewed solely as a hedge against crisis or inflation.
“Gold is increasingly seen as a neutral and reliable store of value that offers diversification across a wider range of macroeconomic conditions,” they noted.
Silver’s sharp rally reflects broader investor demand for precious metals as concerns grow over global debt, trade fragmentation and financial market volatility.
Spot gold jumped 2.6% to $5,538.69 an ounce by 03:49 GMT, after touching an all-time high of $5,591.61 earlier in the day.
“Growing US debt and uncertainty created by signs that the global trade system is splintering into regional blocs rather than a US-centric model are pushing investors toward gold,” said Edward Meir, analyst at Marex.
The yellow metal crossed the $5,000 milestone for the first time earlier this week and has gained more than 10% so far, supported by strong safe-haven demand, sustained central bank purchases and a weaker US dollar.
Analysts at OCBC said gold is no longer viewed solely as a hedge against crisis or inflation.
“Gold is increasingly seen as a neutral and reliable store of value that offers diversification across a wider range of macroeconomic conditions,” they noted.
Silver’s sharp rally reflects broader investor demand for precious metals as concerns grow over global debt, trade fragmentation and financial market volatility.
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