Gold climbed past $5,200 for the first time on Wednesday amid persisting geopolitical concerns, ahead of a US Federal Reserve monetary policy decision.
After hitting a record high of $5,266.37 earlier, spot gold rose 1.4% to $5,262.66 per ounce as of 0558 GMT, marking a gain of more than 20% since the start of the year.
US gold futures for February delivery surged 3.4% to $5,255.30 per ounce.
Spot silver was up 2% at $115.40 an ounce, following a record high of $117.69 on Monday, bringing its gains for the year to nearly 60%.
Spot platinum gained 1.7% to $2,685.16 per ounce after hitting a record $2,918.80 on Monday, while palladium rose 0.7% to $1,946.75.
The US dollar faced a “crisis of confidence,” trading near four-year lows and fuelling further dollar selling, after President Donald Trump said the currency’s value is “great” when asked whether he thought it had declined too much.
US consumer confidence, meanwhile, fell to its lowest level in more than 11½ years in January amid concerns over a sluggish labor market and high prices.
Trump also said he would soon announce his choice for the next Federal Reserve chair and predicted interest rates would fall once the new chair takes office.
