Gold can keep rallying as increasing US isolation from other nations convinces many investors to cut holdings of dollar assets and switch to bullion, according to Amundi SA.

Tether bought more than 70 tons of gold over the course of last year, and now holds around 140 tons of gold, said CEO Paolo Ardoino.

Gold extended its record-breaking rally beyond $5,600 per ounce in electronic trade on Thursday, carving out fresh highs as persistent US dollar weakness and elevated economic

Gold rose, holding above $5,000 an ounce for a second day, as a weak dollar helped to extend a rally fueled by geopolitical risks and investor flight from sovereign bonds and currencies.