Gold smashes past $US5000 in frenzy fuelled by global upheaval
Yihui Xie and Jack Ryan
Updated
Gold smashed through the $US5000-an-ounce threshold for the first time, extending a breakneck rally fuelled by US President Donald Trump’s reshaping of international relations and investor flight from sovereign bonds and currencies.
Bullion jumped as much as 2.5 per cent to more than $US5111 on Monday (Tuesday AEDT), as dollar weakness reinforced demand. A gauge of the greenback has fallen almost 2 per cent in six sessions, with speculation that the US may assist Japan in efforts to boost the yen adding to worries over Federal Reserve independence and Trump’s erratic policymaking. Silver also spiked to a record, hitting above $US110 an ounce.