ISTANBUL

After posting sharp declines, gold prices continued to increase on Wednesday, exceeding $5,000.

Spot gold increased around 2.5% as of 0645GMT to reach $5,070 per ounce.

On Monday, gold fell below the $4,500 level after US President Donald Trump announced that he has picked former Federal Reserve governor Kevin Warsh as his nominee for the next Fed chair.

Silver prices also saw an increase of 3.7% to $88.2 per ounce.

During January, gold surged 13.2%, seeing its best monthly performance since September 1999 amid global geopolitical risks.

The US insists on purchasing Greenland, which resulted in some tensions with Europe, while the lack of a significant change in the policy expectations of the Fed, and the associated expectations that the US dollar may lose value pushed up gold prices.

Gold started 2026 at $4,313 per ounce and rose to a record high of $5,598 last week.