Gold prices surged to an all-time high above $5,500/oz, driven by US dollar weakness and expectations of further monetary easing from the Federal Reserve. The precious metal extended its rally, marking significant gains in recent sessions, notes UOB Global Economics & Markets Research.

Gold prices hit record highs

"Gold surged to an all-time high above $5,500/oz, extending a breakneck rally fueled by US dollar weakness and expectations the next Fed Chair will pursue further monetary easing."

"Bullion surged as much as 3.2% in early trading on Thu, building on a 4.6% gain in the previous session, to see its biggest one-day gain since the height of the COVID-19 pandemic in Mar 2020."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)