Gold Jumps Above $5,500 as Weak Dollar Supercharges Rally

Gold futures surged past $5,500 per ounce after the central bank left rates unchanged, with a weak dollar driving the debasement trade and pulling investors into hard assets.

The dollar steadied after falling to its lowest level since early 2022, and the president shrugged off worries about the currency, saying it was fine.

Gold has risen more than 20% this year, largely thanks to the dollar’s decline against other currencies.

A senior economist noted that dollar weakness is “supercharging the rise in gold,” adding fuel to the rally of precious metals.

Expectations of looser policy also contribute to the debasement trade, as investors seek assets that preserve purchasing power against eroding fiat money.

A commodity strategist highlighted the erosion of confidence in fiat currencies due to unchecked fiscal debt creation, and mentioned speculation that the next central bank chair could favor aggressive rate cuts.

After the two‑day policy meeting, the central bank kept rates steady, and the governor reassured markets that inflation expectations and institutional credibility remain strong.

Geopolitical tensions are also feeding the bullion surge; the president warned of a large naval force heading toward Iran unless talks resume.

Silver climbed to $116 per ounce, up about 50% this year, driven by strong demand from China and export restrictions.

Platinum hovered near record highs, rising 29%, while copper prices steadied after briefly topping $13,000 in London last week.