Gold climbed past $5,200 for the first time on Wednesday amid persisting geopolitical concerns, ahead of a U.S. Federal Reserve monetary policy decision.
After scaling a record high of $5,266.37 earlier, spot gold jumped 1.4% to $5,262.66 per ounce, as of 0558 GMT.
It has gained more than 20% since the start of the year.
U.S. gold futures for February delivery surged 3.4% to $5,255.30 per ounce.
Spot silver was up 2% at $115.40 an ounce, after hitting a record high of $117.69 on Monday. The white metal has jumped almost 60% so far this year.
On its part, spot platinum gained 1.7% to $2,685.16 per ounce after hitting a record $2,918.80 on Monday, while palladium was up 0.7% at $1,946.75.
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The U.S. dollar was grappling with a “crisis of confidence” as it struggled near four-year lows, exacerbating dollar selling, after President Donald Trump said the currency’s value is “great” when asked whether he thought it had declined too much.
U.S. consumer confidence, meanwhile, slumped to its lowest level in more than 11-1/2 years in January amid mounting anxiety over a sluggish labour market and high prices.
Trump added that he will soon announce his pick to serve as head of the Fed, and predicted interest rates would decline once the new chair takes over.
