Gold broke through $5 300 for the first time on Wednesday as the Dollar plunged to a near four-year low, ahead of a Federal Reserve monetary policy decision.
Spot gold climbed 2.3% to $5 305.65 per ounce, after hitting a record high of $5 311.31. It has gained more than 20% since the start of the year.
United States (US) gold futures for February delivery surged 4.3% to $5 301.90 per ounce.
Gold’s blistering rally sees it past $5 200 for the first time
The US Dollar was grappling with a “crisis of confidence” as it languished near four-year lows, exacerbating Dollar selling, after President Donald Trump said the currency’s value is “great” when asked whether he thought it had declined too much.
–Reuters–
