Gold Surges Past $5,300 for First Time Amid Dollar Weakness, Fed Decision Looms

• Spot gold reached a record high of $5,311.31 an ounce, driven by economic uncertainty and a weakening U.S. dollar.
• U.S. gold futures for February delivery jumped 3.4% to $5,254.10 an ounce.
• The U.S. dollar index is near four-year lows, making gold cheaper for international buyers.
• Investors are awaiting the Federal Reserve's policy decision and Chair Jerome Powell's remarks, with rates expected to remain steady.
• Gold, a safe-haven asset, has gained over 20% this year, performing well during low interest rates and uncertainty.

Why It Matters: Gold prices hit a new record above $5,300 due to dollar weakness and economic uncertainty, with Fed decision awaited.