Gold surged past $5,000 an ounce, exceeding Wall Street expectations, while silver briefly climbed above $115, marking a rapid rally in precious metals.

The gains reflect a “debasement trade,” as investors seek protection against rising government debt and potential erosion of purchasing power.

Platinum and copper also hit new highs, with platinum up over 40% this year and copper breaking above $13,000 per ton.

Analysts attribute the rally to global policy uncertainty, geopolitical events, and a weakening U.S. dollar, which boosts demand from non-dollar buyers, Bloomberg has reported.

Investor interest from the private sector has intensified, with expectations that continued uncertainty could drive prices even higher.