Gold prices climbed above $5,000 per ounce for the first time ever, extending a remarkable rally that delivered the metal's biggest weekly gain since the 2008 financial crisis. Investors flocked to bullion as global markets grappled with fresh uncertainties.

The precious metal's surge reflects deepening concerns about economic stability and geopolitical tensions. Central banks' dovish policy shifts and rising demand from emerging markets have further supported prices throughout 2024. Physical buying from China and India strengthened the rally.

Market watchers expect volatility to persist as Federal Reserve policy decisions loom. Analysts suggest gold could test $5,200 if safe-haven demand intensifies. Traders are closely monitoring positioning ahead of key inflation data releases.