Gold’s relentless surge continued Thursday, climbing to a record just under $5,600 an ounce as market participants flocked to safe-haven assets amid mounting geopolitical and economic risks. Silver also edged close to the $120 threshold.
By 0149 GMT, spot gold had advanced 2.7 percent to $5,542.29 per ounce, after briefly touching an all-time high of $5,591.61 earlier in the session, reports Reuters.
“Rising US debt levels and growing signs that global trade is fragmenting into regional blocs rather than revolving around a US-centric system are pushing investors toward gold,” noted Edward Meir, analyst at Marex.
The metal broke through $5,000 for the first time on Monday and has already gained more than 10 percent this week, fueled by strong demand for safe assets, steady central bank purchases, and a softer dollar.
“Gold is increasingly seen not only as a hedge against crises or inflation but as a neutral, dependable store of value that offers diversification across multiple macroeconomic environments,” analysts at OCBC wrote.
After soaring 64 percent in 2025, gold has risen another 27 percent so far this year. IG’s Tony Sycamore cautioned that while the steep rally may invite a correction, fundamentals remain supportive, making any pullbacks potential buying opportunities.
The surge has also driven retail demand, with shoppers crowding gold outlets in Shanghai and Hong Kong, many betting prices could climb higher still.
Silver gained 1.1 percent to $117.87 per ounce after earlier reaching $119.34, supported by investors seeking a cheaper alternative to gold, supply constraints, and momentum-driven buying. The white metal has already jumped more than 60 percent this year. Analysts at Standard Chartered highlighted that the market faces another deficit in 2026, with tightness stemming from dwindling above-ground inventories.
Platinum rose 1 percent to $2,723.40 per ounce, after hitting $2,918.80 earlier this week, while palladium slipped 1.6 percent to $2,041.20.
