Gold prices surged to fresh all-time highs on Wednesday, pushing above $5,260 an ounce as investors piled into safe-haven assets amid rising geopolitical risks, policy uncertainty and continued weakness in the U.S. dollar.
Spot gold climbed to a record $5,266.38 per ounce, while April gold futures touched an intraday peak of $5,297.86 per ounce. Strength was broad across the precious metals complex, with silver and platinum holding close to recent record levels. Demand for defensive assets was reinforced by caution ahead of the conclusion of the Federal Reserve’s policy meeting later in the day.
Geopolitical tensions added fuel to the rally after U.S. President Donald Trump said a second naval armada was heading toward Iran, while expressing hope that Tehran would accept a deal with Washington. More broadly, uncertainty surrounding U.S. foreign and domestic policy has been a key driver of gold’s advance this year, alongside tensions linked to Venezuela and a diplomatic dispute involving Greenland.
Gold is now up around 20% so far in 2026, extending the strong gains recorded last year as investors seek protection against political and macroeconomic risks.
The move has been amplified by a sharply weaker dollar, which slid to a near four-year low this week. Trump said on Tuesday that he was unconcerned about the dollar’s decline, comments that triggered further selling of the U.S. currency and provided additional support for bullion.
Other precious metals also traded higher. Spot silver jumped 2.8% to $115.2455 per ounce, while spot platinum rose 1.3% to $2,688.23 per ounce. Analysts at ANZ noted that silver has benefited in particular from strong physical demand in China, where investors have relatively limited options for gaining exposure to metals and tend to favour purchases of bars and coins.
The rally across metals comes as the Federal Reserve prepares to wrap up its two-day meeting, with policymakers widely expected to keep interest rates unchanged at 3.75%. Market focus is firmly on comments from Fed Chair Jerome Powell, including whether he addresses recent pressure from Washington for aggressive rate cuts.
Trump said on Tuesday that he is close to naming his pick to succeed Powell as Fed chair and suggested that interest rates would fall under new leadership. Earlier this month, Powell said Washington was attempting to pressure the central bank through a Department of Justice investigation, comments that heightened concerns over the Fed’s independence.
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