Gold has surged past the $5,000-per-ounce mark for the first time. This is as investors piled into the precious metal amid rising geopolitical tensions and renewed volatility in global markets.
As of 12:00 pm WAT on Monday, spot gold prices stood at $5,092 per ounce, according to data from goldprice.org. The move represents an 11 percent rise in a week. It also marks gold’s strongest weekly performance since the 2008 global financial crisis, according to the Financial Times.
The latest rally extends a historic two-year surge in bullion prices. The move has been driven by heightened geopolitical risk, sustained investor demand, and aggressive buying by central banks seeking to reduce their exposure to the US dollar.