Gold prices climbed to a record above $5,200 an ounce on Wednesday, supported by robust safe-haven demand and persistent weakness in the U.S. dollar. Other precious metals also stayed firm, with silver and platinum trading near recent record highs.
Spot gold edged lower to $5,179.41 an ounce by 19:55 ET (00:55 GMT) after briefly touching a record peak of $5,202.06. Meanwhile, April gold futures jumped 1.8% to $5,215.46 an ounce.
Safe-haven demand remained strong after U.S. President Donald Trump said a second armada was heading toward Iran, while expressing hope that Tehran would agree to a deal with Washington.
Gold’s rally this year has been largely driven by uncertainty surrounding U.S. policy, with heightened geopolitical tensions fueled by developments in Venezuela and a dispute over Greenland.
A weaker dollar also provided support to gold and broader metals markets, as investor concerns grew over elevated fiscal spending and the Federal Reserve’s independence under the Trump administration. Policy uncertainty pushed the dollar to multi-year lows earlier this week.
Trump said on Tuesday that he was close to naming a successor to Fed Chair Jerome Powell, adding that interest rates would decline under new leadership. Ongoing friction between the White House and the Federal Reserve has further underpinned gold prices, as markets remain wary of political pressure on the central bank.
Elsewhere in metals markets, spot silver gained 1.2% to $113.4325 an ounce, while spot platinum climbed 0.6% to $2,669.61. Both were trading near record levels.
Sources: Investing
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