Gold extended its historic rally on Wednesday, with futures breaking above $5,300 an ounce for the first time, supported by a weaker U.S. dollar, heightened geopolitical tensions and investor anticipation of the Federal Reserve’s policy decision.
Spot gold rose nearly 2% to $5,282 an ounce, up more than 22% since the start of the year. U.S. gold futures for February jumped 3.6% to around $5,306 an ounce, according to Reuters.
Other precious metals also advanced, with silver up 1.9% to $115.11 an ounce, platinum gaining 2% to $2,692.60, and palladium rising 1.4% to $1,961.68.
