Gold sets record high at $5,224.95/ozUS dollar sinks to four-year lowsTrump brushes off dollar weakness, calling it “great”(Updates after gold climbed above $5,200)By Ishaan AroraJan 28 (Reuters) - Gold broke through $5,200 for the first time on Wednesday, after rising more than 3% on Tuesday, as the dollar plunged to a near four-year low amid persisting geopolitical concerns, ahead of a U.S. Federal Reserve monetary policy decision.Spot gold (XAU=) rose 0.6% to $5,219.97 per ounce, as of 0153 GMT, after scaling a record high of $5,224.95 earlier, up more than 20% since the start of the year.U.S. gold futures (GCcv1) for February delivery surged 2.6% to $5,216.80 per ounce.”(Gold’s rise) is due to the very strong indirect correlation with the dollar and yesterday’s price-rise in gold in the U.S. session was due to Trump’s remark to a casual question about the dollar which implied that (there is) a broad-based consensus within the White House to have a weaker greenback going forward,” said Kelvin Wong, a senior market analyst at OANDA.The U.S. dollar was grappling with a “crisis of confidence” as it struggled near four-year lows, exacerbating dollar selling, after President Donald Trump said the currency’s value is “great” when asked whether he thought it had declined too much. (USD/)U.S. consumer confidence, meanwhile, slumped to its lowest level in more than 11-1⁄2 years in January amid mounting anxiety over a sluggish labor market and high prices.Trump added that he will soon announce his pick to serve as head of the U.S. central bank, and predicted interest rates would decline once the new chair takes over.The Fed is widely expected to hold rates steady at its January monetary policy meeting, currently underway. (FEDWATCH)Wong added that near-term resistance for gold could be seen around $5,240/oz. Deutsche Bank said on Tuesday that gold could climb to $6,000 per ounce in 2026, citing persistent investment demand as central banks and investors increase allocations to non-dollar and tangible assets.Spot silver (XAG=) was up 0.6% at $113.63 an ounce, after hitting a record high of $117.69 on Monday. The white metal has already jumped almost 60% so far this year.Spot platinum (XPT=) gained 1.5% to $2,679.15 per ounce after hitting a record $2,918.80 on Monday, while palladium (XPD=) was up 0.9% at $1,951.93.

Gold prices surged past $5,200, reaching a record high of $5,224.95 per ounce, as the U.S. dollar fell to a four-year low. This rise is attributed to geopolitical concerns and comments from President Trump suggesting a preference for a weaker dollar. Gold has increased over 20% this year, with analysts predicting potential further gains, including a forecast of $6,000 per ounce by 2026. Meanwhile, silver and platinum also saw significant price increases, reflecting strong investment demand in precious metals.

Reuters

Invesco Db Precious Metals ETF

Agnico Eagle Mines

ZHONGJIN GOLD

Us Gbl GLD & Met

Newmont

SD-GOLD

Abrdn Gold ETF Trust

Abrdn Silver ETF Trust

Kinross Gold

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

Sprott PHYs Silver

VanEck Gold Miners ETF

iShares Gold Trust

SPDR Gold Shares

Pro Ultr Silver

Gold.com

Pro Ultr GLD

GraniteShares Platinum Trust

Zijin Mining

Abrdn Platinum ETF Trust

iShares MSCI Global Gold Miners

Abrdn Precious Metals Basket ETF Trust

Sprott Silver Mnrs & Physical Silver ETF

iShares Silver Tr

GLOBAL X Gold Explorers

Global X Silver Miner

Sprott Active Gold & Silver Miners ETF

PRECIOUS-Gold's blistering rally continues past $5,200 as dollar plunges to 4-year low