Gold price breaking through $5500 to hit a new high, markets betting that the new chairman of the Federal Reserve will take a dovish stance.

The price of gold soared to a historic high of over $5,500 per ounce, driven by the continued weakness of the US dollar and expectations of further easing of monetary policy by the Federal Reserve's next chair. Gold prices surged 3.2% in early trading on Thursday. The previous trading day saw a 4.6% increase, marking the largest daily increase since the height of the COVID-19 pandemic in March 2020. Geopolitical tensions and investors selling sovereign currencies and bonds have fueled a sharp rise in gold prices this year. Silver prices also reached a new high, briefly surpassing $119 per ounce.