Pakistan, Jan. 28 -- Gold extended its blistering rally on Wednesday, surging past the $5,200 mark for the first time, as the US dollar sank to a near four-year low amid growing investor unease over US economic prospects and currency policy.

Read More: Gold price tumbles Rs1,500 in Pakistan

Spot gold rose 1.1% to $5,243.58 per ounce by 0314 GMT, after hitting a record high of $5,247.21 earlier in the session. Prices are up more than 20% since the start of the year. On Tuesday alone, gold had jumped more than 3%. US gold futures for February delivery climbed 3.1% to $5,237.70 per ounce.

Analysts said the surge was driven primarily by the sharp decline in the dollar. "Gold's rise is due to the very strong indirect correlation with the do...