Gold prices reached a historic peak in Asian trading on Friday, approaching the significant $5,000 per ounce threshold following U.S. President Donald Trump’s announcement of ship deployments toward Iran, which heightened the demand for safe-haven assets. On Friday, both silver and platinum prices reached unprecedented levels. Following Trump’s announcement of a trade deal concerning Greenland, precious metal markets experienced a decline. However, his remarks regarding Iran, along with the absence of specific details about the agreement, sustained demand for safe-haven assets.
Spot gold experienced an increase of up to 0.7%, reaching a record high of $4,967.48 per ounce, while February gold futures advanced by more than 1% to $4,969.69 per ounce. Spot silver surged almost 3% to reach a historic high of $99.0275, while spot platinum increased by nearly 1% to attain a peak of $2,692.31 per ounce. Addressing journalists while on board Air Force On Thursday evening, Trump stated that the U.S. had a naval fleet advancing towards Iran and cautioned Tehran against the killing of protestors or the resumption of its nuclear activities. “We have an armada… heading in that direction, and maybe we won’t have to use it,” Trump stated, adding that he would “rather not see anything happen.”
Reports indicated that a U.S. aircraft carrier along with several destroyers is scheduled to arrive in the Middle East in the forthcoming days. Earlier in January, Trump cautioned Tehran regarding the consequences of killing protestors, as Iran faced widespread protests against the Nezam. While he had somewhat moderated his rhetoric towards Iran, Trump’s comments on Thursday reignited apprehensions regarding potential U.S. military intervention in the Middle East. Metal markets experienced significant upward momentum throughout January, driven by increased geopolitical tensions that prompted traders to seek refuge in physical, safe haven assets. The incursion by the U.S. into Venezuela at the start of the year, alongside Trump’s threats regarding Greenland, contributed to an increased demand for low-risk assets.
Spot gold has appreciated by nearly 15% thus far in 2026. Silver experienced an increase of nearly 39%, whereas platinum saw a rise of 21%. A weaker dollar contributed to higher metal prices, as ambiguous indicators regarding the U.S. economy fueled speculation that the Federal Reserve may lower interest rates in the coming months. The central bank is scheduled to convene next week, with prevailing expectations indicating that interest rates will remain steady during this meeting. Trump’s criticisms of the Federal Reserve intensified demand for safe-haven assets, compounded by worries regarding the declining fiscal stability in developed nations, particularly Japan. In recent weeks, there has been a notable decline in the prices of Japanese and U.S. government bonds, as traders appear to be shifting their focus towards gold.