Gold hits all-time high as dollar drops and global tensions rise
Gold just broke $5,500 an ounce for the first time ever. The surge comes as the US dollar weakens and worries about global politics heat up.
Gold prices jumped 3.2% on Thursday after a big 4.6% gain on Wednesday—the biggest single-day leap since early pandemic days.
With traders uneasy about changes at the Federal Reserve, more people are turning to gold and silver for stability.
Why is this happening?
The Federal Reserve kept interest rates steady, but talk of a new leader (who favors rate cuts) is making waves in the markets.
At the same time, a weaker dollar—partly because of possible US moves to help Japan's yen—is making gold cheaper to buy worldwide.
Add in fresh trade tensions (like possible tariffs on South Korean and Canadian goods), and investors are flocking to safe havens like gold and silver.
Even silver hit its own record high this week!