Gold surged beyond $5 000 an ounce for the first time, extending a breakneck rally fueled by US President Donald Trump’s reshaping of international relations and investor flight from sovereign bonds and currencies.
Bullion climbed more than 2% to around $5 093 as dollar weakness reinforced demand. A gauge of the US currency has fallen almost 2% in six sessions, with speculation that the US may assist Japan in efforts to boost the yen adding to worries over Federal Reserve independence and Trump’s erratic policymaking.
Silver also advanced more than 6% to a record high, having crossed $100 an ounce in the previous session in a rally supported by strong demand from retail buyers from Shanghai to Istanbul.
Gold’s dramatic gains – the metal has more than doubled over the last two years – drives home bullion’s historic role as a gauge of fear in markets.
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