Gold price tops 5,500 US dollars in historic rally

Comex February gold futures on Thursday broke above the historic 5,500 U.S. dollars per ounce during Asian trading hours.

It then surged to a peak above 5,580 U.S. dollars per ounce.

Since the start of the year, gold futures prices have climbed about 27 percent in less than a month.

Analysts cite rising central bank gold purchases, geopolitical instability, and the threat of a U.S. government shutdown as drivers, pushing investors toward gold as a safe haven and fueling the rally.

Gold price tops 5,500 US dollars in historic rally

Gold price tops 5,500 US dollars in historic rally

Oil prices rose on Thursday.

The West Texas Intermediate for May delivery increased by 11.42 U.S. dollars, or 11.41 percent, to settle at 111.54 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery went up 7.87 dollars, or 7.78 percent, to settle at 109.03 dollars a barrel on the London ICE Futures Exchange.

Crude futures settle higher