Gold Hits Record Near $5,600 as Rapid Rally Unsettles Markets
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Gold prices surged to an unprecedented high near $5,600 an ounce on Thursday, extending a dizzying rally that has unsettled traders and raised concerns about potential market dislocations.
Spot gold in London briefly touched $5,598 in early trading, extending an eight-day winning streak that lifted prices from below $4,600 an ounce on Jan. 19.
The surge comes as investors seek safe havens amid heightened geopolitical tensions. The speed of the ascent left market participants scrambling and fueled debate over whether the rally reflects fundamental demand or speculative excess.
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- Gold prices hit a record high near $5,600 an ounce after an eight-day rally from below $4,600.
- The rapid increase is driven by investor demand amid geopolitical tensions, though some warn of speculative excess.
- Chinese gold miners' stocks surged, while analysts caution gold might be nearing a peak despite ongoing uncertainty.
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