Gold sets a new record and exceeds $5,300 per ounce

Gold rose to a new record level above $5,300 per ounce, today, Wednesday, to continue the historic rise, with increasing demand for safe havens amid the falling dollar and the state of geopolitical uncertainty, as the yellow metal jumped in spot transactions 2.3% to reach $5,305.65 per ounce, after… It rose to a record high of $5311.⁠31.

Gold has risen by more than 20% since the beginning of the year, and US gold futures for February delivery increased 4.3% to $5,301.90 per ounce.

The dollar is facing a “crisis of confidence” and remained near the lowest level in four years today, which led to increased selling of the US currency after US President Donald Trump said that its value was “wonderful”, in response to a question about whether he believed that the dollar had fallen too much.

The decline of the dollar increases the attractiveness of gold to buyers who hold other currencies.

Oanda’s chief market analyst, Kelvin Wong, said that gold’s rise “is due to the very strong and indirect correlation with the dollar… and to (President Donald) Trump’s statement in response to a passing question about the dollar, which indicated widespread agreement within the White House that the dollar will be weaker in the future.”

Deutsche Bank said yesterday, Tuesday, that gold may rise to $6,000 per ounce in 2026, attributing this to continued investment demand as central banks and investors increase their allocations to tangible, non-dollar assets.

Silver rose in spot transactions 1.5 percent to $114.68 per ounce, after recording a record high of $117.69 on Monday. Silver has already jumped by about 60 percent since the beginning of the year. Platinum in spot transactions increased 2.3 percent to $2,703.11 per ounce after hitting a record level of $2,918.80 on Monday, and palladium rose 2.2 percent to $1,976.62.