Sri Lanka, Jan. 29 -- Gold extended its blistering rally on Jan 29, rocketing past US$5,500 per ounce for the first time as investors sought safety amid deepening economic and geopolitical uncertainty.

Spot gold was up 4 per cent to US$5,555.10 an ounce as at 7.55am Singapore time. Prices broke the US$5,000 mark for the first time on Jan 26 and have gained more than US$500 over four sessions.

Geopolitical tensions persisted after US President Donald Trump urged Iran on Jan 28 to come to the table and make a deal on nuclear weapons, warning that the next US attack would be far worse. Tehran responded by threatening to strike back against the US, Israel and those who supported them.

On the policy front, the US Federal Reserve decided to ...