Gold and silver prices pushed to fresh all-time highs on Thursday, extending a powerful rally as escalating tensions between the United States and Iran drove investors toward traditional safe-haven assets.
Gold surged to a record level just below $5,600 an ounce, building on recent gains after reports indicated that U.S. President Donald Trump was weighing further military action against Iran. Silver also joined the rally, climbing above $119 an ounce for the first time, supported by strong defensive demand.
The advance in precious metals showed little sign of fading amid intensifying geopolitical risks worldwide, which have boosted appetite for physical stores of value. Additional support came from a weaker U.S. dollar and persistent uncertainty around U.S. policy, while copper prices also climbed to record levels during the session.
Spot gold jumped more than 2% to an all-time high of $5,595.41 an ounce, while April gold futures reached a peak of $5,625.89. Although prices eased slightly from their highs, gold remained firmly above $5,500 an ounce by 00:45 ET (05:45 GMT). Spot silver rose more than 1% to a record $119.4280 an 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 an ounce.
Trump weighs further action on Iran – CNN
According to CNN, Trump is considering a “major new strike” on Iran after negotiations over Tehran’s nuclear programme and missile development stalled. The report follows the deployment of additional U.S. naval assets to the Middle East and earlier warnings of military action, which Trump framed as potential support for nationwide protests in Iran.
Earlier in the day, Trump posted on social media urging Iran to reach a “fair and equitable” agreement with Washington and to abandon its nuclear ambitions. He also warned that any future U.S. strike would be far more severe than the mid-2025 operation that targeted Iran’s main nuclear facilities.
CNN said the administration is now weighing airstrikes against Iranian leaders and security officials accused of killing protesters, as well as further attacks on nuclear sites. Any escalation risks sharply increasing tensions across the Middle East, with Iran having vowed strong retaliation.
Geopolitical risks tied to U.S. foreign policy have been a key driver of demand for gold and other safe-haven assets, particularly after Washington launched a military incursion into Venezuela earlier this month. Trump’s demands relating to Greenland also contributed to defensive positioning, although his rhetoric has moderated somewhat in recent weeks.
Gold prices were largely unmoved by the Federal Reserve’s decision to leave interest rates unchanged, a widely anticipated outcome. The central bank also offered an upbeat assessment of the U.S. economy, although Chair Jerome Powell declined to comment on questions surrounding the Fed’s independence amid a Justice Department investigation.
Platinum holds firm, copper extends rally
Strength in gold spilled over into the wider metals complex, aided by dollar weakness and investor preference for neutral, physical assets. Spot platinum rose 2.6% to $2,775.73 an ounce, remaining close to recent highs and not far from record levels set earlier this month after tracking gold higher through late 2025.
Copper also took part in the rally, with benchmark futures on the London Metal Exchange jumping more than 6% to a record $14,123.95 a tonne. The red metal drew additional support from reports of fresh policy measures aimed at stabilising China’s troubled property sector, a major source of demand in the world’s largest copper-importing country.
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