Gold price jumps above US$ 5,500 for the first time on record

Gold price surges to a fresh record high of US$ 5,579 before retreating to around US$ 5,500 in early Asian trading on Thursday. The rally of the precious metal is bolstered by strong safe-haven demand amidst persistent geopolitical tensions, economic uncertainty, and a weaker US Dollar (USD).

Geopolitical tensions persisted after US President Donald Trump issued fresh warning to Iran on Wednesday. Trump urged Iran to “come to the table” and negotiate a “fair and equitable deal” that would prohibit the development of nuclear weapons or the next US attack would be far worse. Meanwhile, Iran responded with a threat to strike back against the US, Israel and those who support them.

- Agencies