Gold and silver prices surged to unprecedented levels on Thursday, as escalating geopolitical concerns between the United States and Iran intensified demand for traditional safe-haven assets.
Gold climbed to a fresh record near $5,600 an ounce, extending a powerful rally after reports emerged that U.S. President Donald Trump was weighing the option of launching a new military strike against Iran. Silver followed suit, with prices breaking above $119 an ounce for the first time, supported by similarly strong haven-driven inflows.
The rally across precious metals showed little sign of losing momentum amid rising global geopolitical uncertainty, which has boosted demand for physical assets perceived as stores of value. Additional support came from a weaker U.S. dollar and ongoing uncertainty surrounding U.S. policy, while copper prices also joined the surge, reaching record highs during the session.
Spot gold jumped more than 2% to an all-time high of $5,595.41 per ounce, while April gold futures peaked at $5,625.89. Although prices eased slightly from their highs, gold remained comfortably above $5,500 an ounce by 00:45 ET (05:45 GMT). Spot silver advanced more than 1% to a record $119.4280 per ounce.
“Gold is no longer just a crisis hedge or an inflation hedge; it is increasingly viewed as a neutral, and a reliable store of value asset that also provides diversification across a wider range of macro regimes,” OCBC analysts said in a note.
“This helps explain why pullbacks have tended to be shallow and well-supported,” they added. OCBC recently raised its 2026 gold price forecast to $5,600 per ounce.
Trump weighs Iran strike – CNN
According to a CNN report late Wednesday, Trump is considering a “major new strike” against Iran after talks over the country’s nuclear programme and missile development stalled. The report follows the deployment of several U.S. naval vessels to the Middle East and earlier threats of military action, which Trump framed as potential backing for nationwide protests within Iran.
Earlier in the day, Trump posted on social media calling on Iran to reach a “fair and equitable” agreement with Washington and to halt its nuclear activities. He also warned that any future U.S. attack would be far more severe than the mid-2025 operation, during which American forces targeted major Iranian nuclear facilities.
CNN reported that the administration is now weighing airstrikes against Iranian leaders and security officials accused of killing protestors, as well as additional attacks on nuclear infrastructure. Any escalation could sharply raise tensions in the Middle East, with Iran having pledged strong retaliation against further U.S. action.
Geopolitical risks linked to U.S. foreign policy have been a key pillar supporting gold and other haven assets, particularly after Washington launched a military incursion into Venezuela earlier this month. Trump’s demands regarding Greenland also contributed to safe-haven demand, although his tone has appeared more restrained in recent weeks.
Gold prices were largely unmoved by the Federal Reserve’s decision to leave interest rates unchanged, a move that was widely anticipated. The central bank also struck an optimistic tone on the U.S. economic outlook, although Chair Jerome Powell declined to comment on questions surrounding the Fed’s independence amid a Department of Justice investigation.
Platinum firm, copper joins the rally
Strength in gold spilled over into the broader metals complex, aided by dollar weakness and investors’ preference for neutral, physical assets. Spot platinum rose 2.6% to $2,775.73 per ounce, staying close to recent highs and not far from record levels reached earlier this month after rallying alongside gold through late 2025.
Copper also participated in the surge, with benchmark futures on the London Metal Exchange climbing more than 6% to a record $14,123.95 per tonne. The red metal was further supported by reports of additional policy measures aimed at stabilising China’s struggling property sector, a key source of copper demand in the world’s largest importing nation.