US EditionGold blasts past $5,500/oz to record high on safe-haven demand
Gold prices hit a record above $5,500 due to US-Iran conflict fears and dollar weakness, with bullion gaining over $300 amid escalating geopolitical risks.
- 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.
What does China have to do with it?
Gold Briefly Jumps Toward $5,600 as Iran Tensions Flare
Gold prices surged sharply on Wednesday as energy markets jolted higher following fresh Iran-related rhetoric from U.S. President Donald Trump, briefly sending oil prices up by as much as 5% intraday and reigniting demand for hard-asset hedges. The move in gold came as Brent crude punched back above the $70 a barrel level earlier in the session, after Trump warned that military action against Iran remained on the table if tensions escalate furth…
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.
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