Gold nears $5,500 Thursday before slipping back to $5,305

New York [US], January 30: Gold extended its record-setting rally on Thursday despite a cautious decision by the US Federal Reserve to keep interest rates unchanged, underscoring the metal's resilience amid shifting monetary signals. The precious metal initially traded near $5,550 per ounce earlier toeday, supported by strong safe-haven demand driven by escalating geopolitical tensions and persistent economic uncertainty.
The upward momentum, however, showed signs of moderation as demand for the US Dollar rebounded following upbeat remarks from Federal Reserve Chair Jerome Powell on the strength of the labour market and broader economic growth. The comments lent fresh support to the Greenback, prompting gold to retreat sharply toward the $5,305 region at the time of publishing.
Silver also remained robust, trading in triple-digit territory near $110-$113 per ounce in spot markets, holding much of its recent gains amid strong demand from both investors and industrial users.
In energy markets, Brent crude oil continued its rally, trading around $70 per barrel - a level not seen in several months - as heightened geopolitical tensions in the Middle East added to supply-risk concerns.
Source: Emirates News Agency