Gold tops $5,000 for first time ever, adding to historic rally

Gold prices have soared above $5,000 per ounce for the first time, due to rising geopolitical tensions and financial uncertainty.

The price spike follows a record gain of over 60% last year, driven by factors like heightened inflation, a weak dollar, and increased central bank purchases.

Silver has also surged, topping $100 per ounce.

Experts note this demand reflects a move away from the US dollar, with central banks adding significant bullion to reserves.

Gold is viewed as a "safe-haven" asset amid market turmoil, with many investors seeking diversity in uncertain times.

Cultural factors, especially in India and China, also boost gold purchases during celebrations.