Gold climbs toward $5,600 on haven demand as silver hits $120
Gold Prices Hit Record Highs as Investors Seek Safe Haven
Gold prices climbed to a new all-time high near $5,600 per ounce on Thursday, driven by growing geopolitical tensions and signs of a weakening U.S. economy. Investors increasingly turned to the precious metal as a safe-haven asset amid rising uncertainty.
Spot gold rose 2.2% to $5,516.71 per ounce by 09:47 GMT, after touching a record peak of $5,594.82 earlier in the session. The rally marks the ninth consecutive session of record highs, with gold on track for a 28% gain this month alone.
U.S. gold futures for February delivery also surged, jumping 4% to $5,509.60, after hitting an intraday record of $5,626.80.
Silver prices followed gold’s upward momentum, benefiting from the flight to safety as well. The metal soared above the $120 level, reflecting strong investor demand across the precious metals market.
So far this year, gold has gained more than 27%, supported by ongoing U.S. policy uncertainty, elevated geopolitical risks, and broader economic concerns. Analysts note that these factors continue to strengthen gold’s appeal as a hedge against volatility and inflation.
