Gold prices surged to a new record during Asian trading on Friday, moving within reach of the closely watched $5,000 per ounce mark. The rally came after U.S. President Donald Trump said the United States had deployed naval vessels toward Iran, boosting demand for traditional safe-haven assets.
Silver and platinum also touched fresh all-time highs. Although precious metals briefly pared gains after Trump announced a trade agreement related to Greenland, lingering uncertainty around the deal and renewed tensions with Iran continued to support haven buying.
Spot gold climbed as much as 0.7% to a record peak of $4,967.48 an ounce, while February gold futures rose more than 1% to $4,969.69 per ounce.
Spot silver jumped nearly 3% to a new high of $99.03, while platinum advanced almost 1% to a record $2,692.31 per ounce.
Trump says US “armada” heading toward Iran
Speaking to reporters aboard Air Force One late Thursday, Trump said the U.S. had a naval fleet moving toward Iran and warned Tehran against killing protesters or reviving its nuclear ambitions.
“We have an armada heading in that direction, and maybe we won’t have to use it,” Trump said, adding that he would prefer to avoid any escalation.
Media reports indicated that a U.S. aircraft carrier, along with several destroyers, is expected to arrive in the Middle East in the coming days. Trump had issued similar warnings earlier in January as Iran faced widespread protests, but his latest remarks reignited concerns over potential U.S. military involvement in the region.
Metals post strong start to 2026
Precious metals have posted a powerful rally since the start of 2026, as rising geopolitical risks pushed investors toward physical safe-haven assets. A U.S. incursion in Venezuela earlier this year, combined with Trump’s warnings over Greenland and Iran, strengthened demand for low-risk investments.
So far this year, spot gold is up nearly 15%, while silver has surged about 39% and platinum has gained roughly 21%.
A weaker U.S. dollar has also supported metal prices, as mixed economic signals fueled expectations that the Federal Reserve could begin cutting interest rates later this year. The Fed is set to meet next week and is widely expected to keep rates unchanged.
Trump’s criticism of the central bank, alongside growing concerns over worsening fiscal conditions in developed economies—particularly Japan—has further lifted demand for gold. Heavy selling in Japanese and U.S. government bonds in recent weeks has reinforced the shift toward precious metals.
