09:05 AM EST, 01/28/2026 (MT Newswires) -- Gold prices resumed its surge early Wednesday, after easing yesterday, rising again on a weaker dollar and momentum buying as investors turn to hard assets amid geopolitical turmoil.

Gold for March delivery was last seen up $195.00 to US$5,315.60 per ounce, well above the record close of US$5,122.30 set on Monday.

The price of the metal is up 83% over the past 12 months, climbing as investors look for safety amid the economic turmoil of U.S. tariff policies, concerns over rising government debt, a falling dollar and violence in the Middle East and elsewhere.

"The drivers behind the rally are by now well-known and largely concern-driven. Unchecked fiscal debt creation continues to erode confidence in fiat currencies, while the US dollar has weakened as US exceptionalism fades and capital begins to rotate elsewhere. Geopolitical uncertainty remains elevated, amplified by an increasingly unpredictable US political backdrop, and inflation concerns have proven stickier than many policymakers had hoped," Ole Hansen, head of commodity strategy at Saxo Bank, wrote.

The rise comes ahead of this afternoon's end to a two-day meeting of the Federal Reserve's policy committee, which is expected to keep interest rates unchanged despite pressure from President Trump for lower rates.

The dollar edged up from a four-year low set Tuesday after Trump told reporters he welcomed a lower dollar. The ICE dollar index was last seen up 0.07 points to 96.28, after dropping to the lowest since early 2021 a day earlier.

Treasury yields were mostly steady ahead of the Fed's decision. The U.S. two-year note was down 0.6 basis points to 3.58%, while the 10-year note was paying 4.47%, down 0.3 points.