Gold extended its blistering rally on Thursday to hit a record just shy of $5,600 an ounce, as investors sought safety amid geopolitical and economic uncertainties, while silver came within a whisker of breaching $120. Spot gold shot up 2.6% to $5,538.69 an ounce by 0349 GMT, after hitting a record $5,591.61 earlier in the day. Elsewhere, spot silver was up 0.6% at $117.30 an ounce after hitting a record high of $119.34 earlier. “The silver market is forecast to deliver yet another deficit this year, but the real market tightness stems from the reduced availability of above-ground stocks,” analysts at Standard Chartered said in a note. Spot platinum rose 1.6% to $2,739.48 an ounce, after hitting a record high of $2,918.80 on Monday, while palladium fell 1.3% to $2,047.0.