Gold prices climbed to an all-time high during Asian trading on Friday, edging closer to the widely monitored $5,000-per-ounce mark after U.S. President Donald Trump said American ships had been deployed toward Iran, boosting demand for safe-haven assets.
Silver and platinum also reached record levels on Friday. Although precious metals eased slightly after Trump announced a trade agreement involving Greenland, continued uncertainty over the deal and heightened tensions with Iran sustained investor demand for safe havens.
Spot gold climbed as much as 0.7% to a new record of $4,967.48 an ounce, while February gold futures advanced more than 1% to $4,969.69 per ounce.
Spot silver surged almost 3% to an all-time high of $99.0275, and spot platinum gained nearly 1% to reach a record peak of $2,692.31 per ounce.
Trump says a large U.S. naval “armada” is being sent toward Iran as tensions escalate
Speaking to reporters aboard Air Force One on Thursday night, Trump said the United States had dispatched a naval fleet toward Iran, warning Tehran against harming protesters or resuming its nuclear program.
“We have an armada moving in that direction, and hopefully it won’t need to be used,” Trump said, adding that he would prefer to avoid any escalation. According to reports, a U.S. aircraft carrier along with several destroyers is expected to arrive in the Middle East in the coming days.
Earlier in January, Trump had warned Tehran against the killing of protesters as Iran faced nationwide demonstrations against the Nezam.
However, although he later softened his tone toward Iran, Trump’s remarks on Thursday reignited concerns about the possibility of U.S. military intervention in the Middle East.
Gold and metals post strong start to 2026
Metal markets surged through January as escalating geopolitical risks drove investors toward physical safe-haven assets. A U.S. military move into Venezuela early in the year, along with Trump’s threats related to Greenland, boosted demand for low-risk investments.
So far in 2026, spot gold has risen nearly 15%, while silver has jumped close to 39% and platinum has gained about 21%.
A weaker U.S. dollar has also supported metal prices, as mixed economic signals fueled expectations that the Federal Reserve will cut interest rates later this year. The Fed is set to meet next week and is widely expected to keep rates unchanged for now.
Trump’s criticism of the Fed further lifted safe-haven demand, alongside growing concerns about worsening fiscal conditions in developed economies, particularly Japan. Sharp sell-offs in Japanese and U.S. government bonds in recent weeks have prompted investors to rotate into gold.
Sources: Investing
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