Gold prices jumped to a record near $5,600 per ounce on Thursday, extending recent gains after reports that U.S. President Donald Trump was weighing a new strike on Iran. Silver also climbed to a record above $119 per ounce, supported by strong safe-haven demand.
Metal prices continued to climb with little sign of easing, driven by escalating global geopolitical tensions that boosted demand for physical assets and traditional safe havens. Additional support came from a weaker U.S. dollar and uncertainty surrounding U.S. policy, while copper prices also reached a new all-time high on Thursday.
Spot gold jumped more than 2% to a record $5,595.41 per ounce, and April gold futures peaked at $5,625.89 per ounce. Although prices later retreated from these highs, gold was still trading comfortably above $5,500 per ounce by 00:45 ET (05:45 GMT).
Spot silver also rose sharply, gaining over 1% to a record $119.4280 per ounce.
“Gold is no longer viewed solely as a hedge against crises or inflation,” OCBC analysts noted. “It is increasingly seen as a neutral, dependable store of value that also offers diversification across a broad range of macroeconomic environments.”
They added that this shift in perception helps explain why recent pullbacks have been limited and well-supported. OCBC has recently raised its 2026 gold price forecast to $5,600 per ounce.
Trump considering major strike on Iran
Former President Donald Trump is reportedly weighing a “major new strike” against Iran after talks over Tehran’s nuclear program and missile development broke down, CNN reported Wednesday night.
The report follows Trump’s decision to deploy multiple U.S. naval vessels to the Middle East, alongside earlier threats of military action that he framed as backing nationwide protests in Iran.
Earlier on Wednesday, 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 significantly more severe than the mid-2025 attack, when American forces targeted Iran’s key nuclear facilities.
According to CNN, Trump is now considering airstrikes aimed at Iranian political leaders and security officials accused of killing protesters, as well as additional attacks on nuclear sites.
Any further U.S. military action could sharply escalate tensions in the Middle East, with Iran having pledged strong retaliation against such moves.
U.S.-centric geopolitical risks have continued to support gold and other safe-haven assets, particularly after Washington launched a military incursion in Venezuela earlier this month. Trump’s demands related to Greenland also added to these tensions, though his rhetoric on that issue has eased in recent weeks.
Meanwhile, gold prices showed little reaction to the U.S. Federal Reserve’s widely expected decision to keep interest rates unchanged, as the central bank also offered an optimistic assessment of the U.S. economic outlook.
However, Chair Jerome Powell refrained from responding to questions regarding the Federal Reserve’s independence amid an ongoing Department of Justice investigation.
Platinum gains ground as copper reaches a record high
Strength in gold prices spilled over into the wider metals complex, supported by a weaker dollar and growing investor demand for safe-haven, physical assets viewed as neutral stores of value.
Spot platinum climbed 2.6% to $2,775.73 per ounce, staying near recent highs. The precious metal remained close to record levels reached earlier this month, after largely moving in step with gold through late 2025.
Copper also joined the broader metals rally, with benchmark futures on the London Metal Exchange surging more than 6% to a record $14,123.95 per tonne.
Prices were further lifted by reports pointing to additional policy support for China’s struggling property sector. As the world’s largest copper importer, China’s real estate industry represents a significant share of global copper demand.
Sources: Investing
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