Gold surges past $5,000 milestone, hitting intraday high of $5,019

Gold prices climbed back above the key $5,000 per troy ounce psychological threshold on Friday as bargain-hunters moved in following a sharp sell-off, having touched a session high of $5,019 at the time of publishing.

The precious metal had slumped nearly 3% on Thursday, hitting a one-week low and breaching the critical $5,000 support level amid intensified selling pressure tracking a decline in equity markets.

In broader precious metals trading, palladium continued its bullish run, surging 5% to $1,697.44 per ounce.

Silver also saw a significant recovery, jumping 4.6% to $78.59 per ounce. While the metal remains on track for a modest weekly gain of 0.7%, today’s bounce follows a volatile Thursday session where prices plunged 11%.

Meanwhile, platinum gained 1.7% to trade at $2,033.99 per ounce.

WAM