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Gold Surges Past Five Thousand Dollars Amid Market Volatility
(MENAFN) Gold prices climbed above $5,000 per ounce on Wednesday, continuing a rebound following recent declines. Spot gold rose about 2.5% to $5,070 per ounce as of 0645GMT.
The increase follows a dip below $4,500 on Monday after US President Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next Fed chair. Silver also saw gains, rising 3.7% to $88.2 per ounce.
Gold has been performing strongly this year, with January marking a 13.2% surge—its best monthly gain since September 1999—driven by global geopolitical tensions. Market concerns over US efforts to acquire Greenland and expectations of a weaker dollar amid stable Fed policy contributed to the price rise. Gold began 2026 at $4,313 per ounce and reached a record $5,598 last week.
The increase follows a dip below $4,500 on Monday after US President Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next Fed chair. Silver also saw gains, rising 3.7% to $88.2 per ounce.
Gold has been performing strongly this year, with January marking a 13.2% surge—its best monthly gain since September 1999—driven by global geopolitical tensions. Market concerns over US efforts to acquire Greenland and expectations of a weaker dollar amid stable Fed policy contributed to the price rise. Gold began 2026 at $4,313 per ounce and reached a record $5,598 last week.
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