Gold climbs to record above US$5,500 on bets for dovish Fed chair

Published Thu, Jan 29, 2026 · 08:10 AM

[SINGAPORE] Gold surged to an all-time high above US$5,500 an ounce, extending a breakneck rally fuelled by US dollar weakness and expectations the next Federal Reserve chair will pursue further monetary easing.

Bullion surged as much as 3.2 per cent in early trading on Thursday (Jan 29), building on a 4.6 per cent gain in the previous session, its biggest one-day gain since the height of the Covid-19 pandemic in March 2020.

The precious metal has surged this year on heightened geopolitical tensions and a flight from sovereign currencies and bonds. BLOOMBERG