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Gold Prices Surge Beyond USD5,000
(MENAFN) Following a period of sharp losses, gold prices continued their upward momentum on Wednesday, surpassing the $5,000 mark.
Spot gold climbed approximately 2.5% as of 0645GMT, reaching $5,070 per ounce.
Earlier this week, on Monday, gold had dipped below the $4,500 threshold after US President Donald Trump revealed that he has selected former Federal Reserve governor Kevin Warsh as his nominee for the next Fed chair.
Silver also experienced gains, rising 3.7% to $88.2 per ounce.
In January, gold recorded a 13.2% surge, marking its most impressive monthly performance since September 1999, largely driven by global geopolitical uncertainties.
Tensions arose with Europe as the US pushed forward its interest in purchasing Greenland. Additionally, a lack of significant shifts in the Fed’s policy outlook, coupled with expectations of a potential decline in the US dollar, contributed to the increase in gold prices.
Gold began 2026 at $4,313 per ounce and recently reached a record peak of $5,598 last week.
Spot gold climbed approximately 2.5% as of 0645GMT, reaching $5,070 per ounce.
Earlier this week, on Monday, gold had dipped below the $4,500 threshold after US President Donald Trump revealed that he has selected former Federal Reserve governor Kevin Warsh as his nominee for the next Fed chair.
Silver also experienced gains, rising 3.7% to $88.2 per ounce.
In January, gold recorded a 13.2% surge, marking its most impressive monthly performance since September 1999, largely driven by global geopolitical uncertainties.
Tensions arose with Europe as the US pushed forward its interest in purchasing Greenland. Additionally, a lack of significant shifts in the Fed’s policy outlook, coupled with expectations of a potential decline in the US dollar, contributed to the increase in gold prices.
Gold began 2026 at $4,313 per ounce and recently reached a record peak of $5,598 last week.
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