Gold Tops $5,500 as Record Rally Gains Pace on Debasement Trade

Gold surged to a record above $5,500 an ounce, extending a breakneck rally fueled by a weaker dollar and investor flight from sovereign bonds and currencies to a ninth day.

Bullion jumped as much as 3.3%, building on a 4.6% leap in the previous session – the biggest one-day gain since the height of the Covid-19 pandemic in March 2020. Precious metals have risen dramatically this year on heightened geopolitical tensions and worries about the independence of the Federal Reserve, which have supported the debasement trade. Silver also hit an all-time high above $120 an ounce on Thursday.