Gold blew past $5,600 an ounce, setting another record as a nine-day rally picked up speed in a market starved of liquidity, with traders dumping sovereign bonds and currencies and piling into hard assets.
Bullion jumped as much as 4% on the day after a 4.6% surge in the previous session, the biggest one-day gain since March 2020, when Covid chaos froze global markets.
The move has been powered by a weaker dollar, rising geopolitical stress, and growing anxiety over the Federal Reserve’s independence, all feeding straight into the debasement trade.
Spot gold is now up about 28% year-to-date, while silver has climbed nearly 65%, with silver also hitting a fresh all-time high. The pace of the rally has left banks struggling to position, draining liquidity further and driving sharper, more violent price swings.
Away from metals, crypto prices pulled back. Bitcoin traded around $88,000, down 1.21%, with $74.78 billion in volume and a $1.76 trillion market cap.
Ethereum slipped 1.77% to $2,950.5, Solana fell 3.10% to $122.96, XRP dropped 1.43% to $1.8739, HYPE slid 5.23% to $31.794, and BNB held nearly flat at $896.96.
In equities, S&P 500 futures were little changed, up 0.1%, Dow futures fell 55 points, and Nasdaq 100 futures rose 0.3%, as traders weighed big tech earnings and the latest Federal Reserve rate decision.
Source: https://www.cryptopolitan.com/gold-tops-5600-per-ounce/