US EditionGold blasts past $5,500/oz to record high on safe-haven demand
Gold prices hit record highs above $5,500 as rising U.S.-Iran tensions and expectations of Federal Reserve rate cuts boost safe-haven demand, with a 27% gain so far this year.
- On Jan 29, spot gold extended its blistering rally to hit a record just shy of $5,600 an ounce, while silver neared $120 million amid safe-haven demand.
- Geopolitical tensions and a weakening dollar pressured investors as U.S. President Donald Trump warned of stepped-up attacks on Iran, while the Federal Reserve kept rates steady amid leadership uncertainty.
- U.S. gold futures for February jumped over 3% to $5,568.66 per ounce, with analysts citing persistent central-bank buying and growing speculative capital flows.
- Miners have seen margins expand, fuelling consolidation, while oil advanced and stocks fell; silver and peers also rose near record highs Thursday.
- Analysts point to expectations of a dovish Federal Reserve and U.S. debt concerns, noting a weaker dollar index is reinforcing gold's role as a store of value.
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Gold ETFs Hit Elite Momentum Tier: These 5 Funds Lead The Charge As Bullion Eyes $5,600 - Goldman Sachs Physical Gold ETF Shares (BATS:AAAU), SPDR Gold Shares (ARCA:GLD)
Gold prices continued their record-breaking ascent on Thursday, Jan. 29, approaching the psychological $5,600 per ounce mark. This rally, which has seen gold gain more than 10% in just four sessions, is also aiding five key ETFs that have moved into the top 10th percentile of momentum score according to Benzinga Edge's Stock Rankings. Elite Momentum And The ‘Triple-Green’ Signal The Goldman Sachs Physical Gold ETF (BATS:AAAU), SPDR Gold Trust (N…
The price of the most liquid futures contract for the precious metal surpassed US$5,500 overnight.
Gold hits record near $5,600 as Trump escalates Iran tensions
The surge in safe-haven precious metals also saw silver hit another peak and has been helped by a softer dollar sparked by speculation that the US president is happy to see the world's reserve currency weaken.
Only on Monday the gold price rises for the first time over 5000 dollars. A few days later the fine ounce is already worth almost 5600 dollars. Silver is also becoming more and more valuable.
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Gold soars towards $5,600 as Trump rattles sabre over Iran
Gold prices soared to a fresh record near $5,600 Thursday, while oil rallied after Donald Trump ramped up geopolitical tensions with his threatened military strike on Iran.
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