Spot gold extended its blistering rally on Thursday, jumping to a new record just below the $5600-per-ounce level as investors piled into safe-haven assets amid rising global uncertainty. The precious metal has seen heavy buying on fears linked to U.S. debt, global trade fragmentation, and persistent geopolitical tensions.

Gold prices climbed 2.7 percent to $5542.29 an ounce by 0149 GMT, after touching an intraday record of $5591.61. The metal crossed the $5000 mark earlier this week and has since gained more than 10 percent, underlining the strength of the ongoing rally.

Analysts said the surge is being driven by concerns over expanding U.S. debt levels, a weaker dollar, and sustained central bank purchases. Growing signs that global trade is shifting away from a U.S.-centric system toward regional blocs have further pushed investors toward gold as a reliable store of value.

Market experts noted that gold is no longer seen only as a hedge against inflation or crises. Instead, it is increasingly viewed as a neutral asset offering long-term stability and diversification across different economic conditions.

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Despite the sharp rise, some analysts cautioned that a short-term correction could occur due to the rapid pace of gains. However, they added that the broader outlook for 2026 remains supportive, making any price dips attractive buying opportunities.

Geopolitical tensions also added fuel to the rally after fresh exchanges between the United States and Iran over Tehran’s nuclear program increased risk sentiment. Additional support came from strong Asian retail demand and reports that major investment firms plan to increase their exposure to physical gold.

Silver followed gold’s momentum, rising to near-record levels on strong investor demand and supply constraints, while platinum and palladium showed mixed movements.