Doha: Spot gold extended its record-breaking rally on Thursday, edging closer to the $5,600-per-ounce level as investors sought safety amid geopolitical and economic strains, while silver came within a whisker of breaching the $120 mark.

According to Qatar News Agency, spot gold was up 2.1% at $5,511.79 an ounce, after hitting a record $5,591.61 earlier in the day. Prices jumped past the $5,000 mark for the first time on Monday and have gained more than 10% so far this week, driven by a strong safe-haven demand and a weaker dollar.

Spot silver was up 1.3% at $118.061 an ounce after hitting a record high of $119.34 earlier. Meanwhile, spot platinum rose 0.5% to $2,710.20 an ounce, after hitting a record high of $2,918.80 on Monday, while palladium fell 1.3% to $2,048.14.