Ammon News - Gold extended its blistering rally on Thursday to hit a record just shy of $5,600 an ounce, as investors sought safety amid geopolitical and economic uncertainties, while silver came within a whisker of breaching $120.

Spot gold shot up 2.6% to $5,538.69 an ounce by 0349 GMT, after hitting a record $5,591.61 earlier in the day.

The yellow metal jumped past the $5,000 mark for the first time on Monday and has gained more than 10% so far this week, driven by a cocktail of factors including strong safe‑haven demand, firm central bank buying and a weaker dollar.

Gold has gained more than 27% this year following a 64% jump in 2025.

Meanwhile, the Federal Reserve decided to leave rates unchanged on Wednesday, as widely expected.

Elsewhere, spot silver was up 0.6% at $117.30 an ounce after hitting a record high of $119.34 earlier.

Spot platinum rose 1.6% to $2,739.48 an ounce, after hitting a record high of $2,918.80 on Monday, while palladium fell 1.3% to $2,047.0.

Reuters