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Gold blasts past $5,500/oz to record high on safe-haven demand
Gold prices climbed above $5,500 per ounce, driven by safe-haven buying amid escalating U.S.-Iran tensions and a Federal Reserve interest rate pause, with gold up over 22% this month.
- 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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The gold continued to add to the explosive growth of the price, exceeding the threshold of $5,500 per ounce and marking a new record. The spot gold count increased by more than 3%, at $5,501,18 per unit, and future contracts for February exceeded $5,568 per unit, transmits to the CNBC.
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Total News Sources155
Leaning Left8Leaning Right19Center26Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
15%
C 49%
R 36%
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