Gold eyes $5,600 on flight to safety; silver tops $120

Gold climbed on Thursday, hovering just below $5,600 an ounce as investors flocked to safe havens amid geopolitical and economic uncertainty, while silver surged past $120.
Spot gold jumped 2.7% to $5,546.29 an ounce by 0752 GMT, after hitting a record high of $5,594.82 earlier in the session. US gold futures for February delivery rose 4.5% to $5,539.20 after touching an all-time high of $5,626.80.
Gold has set record highs for nine consecutive sessions and is up more than 27% so far this year, following a 64% rally in 2025.
Safe-haven demand has been fuelled by concerns over geopolitical tensions, rising US debt and unease about the independence of the Federal Reserve amid political pressure and leadership uncertainty.
The metal also gained support from strong central bank buying and a weaker dollar. Gold crossed the $5,000 mark for the first time earlier this week and has risen more than 10% so far this week alone.
Meanwhile, spot silver rose 1.4% to $118.25 an ounce after hitting a record high of $120.45 earlier in the day, driven by investor demand, tight supply and momentum buying. Silver has gained more than 60% so far in 2026.
Spot platinum climbed 2.8% to $2,770.49 an ounce, while palladium rose 1.6% to $2,107.37.— Reuters