Gold tops $5,300 for first time on dollar weakness ahead of Fed decision

Spot gold extended its record‑setting rally on Thursday, marching above the $5,400 per ounce mark as investors sought safety amid deepening economic and geopolitical uncertainty.

Spot gold was up 0.3% at $5,415.52 an ounce at after hitting a record high at $5,418.39 earlier in the session.

In the previous session, gold surged about $200 an ounce, setting successive record highs.

“The gains fueled by sustained central bank buying, relentless momentum from trend-following funds, and strong flight-to-quality demand,” IG market analyst Tony Sycamore said.

“Although the parabolic nature of the rally suggests a pullback is not far away, the underlying fundamentals are expected to remain supportive throughout 2026, positioning any dips as attractive buying opportunities.”

Geopolitical tensions persisted after U.S. President Donald Trump urged Iran on Wednesday to come to the table and make a deal on nuclear weapons or the next U.S. attack would be far worse.

Tehran responded with a threat to strike back against the U.S., Israel and those who support them.

Gold, a traditional safe-haven asset, has gained more than 25% so far this year, typically benefiting from a low interest rate environment, after rising 64% in 2025.

Meanwhile, with gold prices setting new all-time highs this week, customers have been cramming into stores in Shanghai and Hong Kong that sell the precious metal, with some betting the price could rise even further.

Spot silver was steady at $116.61 an ounce after hitting a record high of $117.69 on Monday.

Spot platinum rose 0.4% to $2,705.79 an ounce, after hitting a record $2,918.80 on Monday, while palladium rose 0.3% to $2,079.32 an ounce.