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Gold Prices Surge After Recent Declines
(MENAFN) Gold prices climbed back above $5,000 per ounce on Wednesday following recent sharp declines.
Spot gold rose approximately 2.5% by 06:45 GMT, reaching $5,070 per ounce.
On Monday, gold had dipped below $4,500 after US President Donald Trump announced his nomination of former Federal Reserve governor Kevin Warsh for the next Fed chair.
Silver also saw gains, increasing 3.7% to $88.2 per ounce.
During January, gold experienced a 13.2% surge, marking its strongest monthly performance since September 1999, amid global geopolitical uncertainties.
Market factors driving the rise included US interest in purchasing Greenland, tensions with Europe, and stable expectations around Federal Reserve policy, which contributed to a weaker US dollar and supported higher gold prices.
Gold began 2026 at $4,313 per ounce and reached a record high of $5,598 last week.
Spot gold rose approximately 2.5% by 06:45 GMT, reaching $5,070 per ounce.
On Monday, gold had dipped below $4,500 after US President Donald Trump announced his nomination of former Federal Reserve governor Kevin Warsh for the next Fed chair.
Silver also saw gains, increasing 3.7% to $88.2 per ounce.
During January, gold experienced a 13.2% surge, marking its strongest monthly performance since September 1999, amid global geopolitical uncertainties.
Market factors driving the rise included US interest in purchasing Greenland, tensions with Europe, and stable expectations around Federal Reserve policy, which contributed to a weaker US dollar and supported higher gold prices.
Gold began 2026 at $4,313 per ounce and reached a record high of $5,598 last week.
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