Gold has surged above $5,500 an ounce, extending a blistering rally that has seen the metal gain almost 30% so far this year, amid growing concerns over geopolitics, US monetary policy and the outlook for the dollar. Gold futures (GC=F) rose 4.5% to $5,579.80 a troy ounce, while spot prices climbed 4.8% to $5,543.86 at the time of writing. The rally has been fuelled by renewed safe haven demand, firm central bank buying and a weakening US dollar. Chris Beauchamp, chief market analyst at IG, said: “That sound you hear is that of 2026 gold (GC=F) targets being furiously revised higher, as the price keeps climbing, and given renewed impetus by Trump’s comments on the dollar. So long as international investors keep dumping the dollar, the future for gold looks bright indeed.”Read more: Should you invest in gold?