Key Moments
- Spot gold hit a record $4,967.48 per ounce in Asian trading. Futures briefly moved above that level.
- Silver and platinum also touched record highs. Spot silver neared $100, while platinum climbed toward $2,700 per ounce.
- Safe-haven demand strengthened after President Donald Trump said a U.S. naval “armada” was heading toward Iran.
Gold Advances Toward $5,000 Mark
Gold prices surged to a fresh record in Asian trading on Friday. As a result, prices edged closer to the key $5,000 per ounce level.
The rally followed comments from U.S. President Donald Trump. He said the United States had deployed naval vessels toward Iran. That statement boosted demand for traditional safe-haven assets.
Spot gold climbed as much as 0.7% to an all-time high of $4,967.48 per ounce. Meanwhile, February gold futures rose more than 1% to $4,969.69 per ounce.
Prices briefly eased after Trump announced a trade deal involving Greenland. However, uncertainty around the agreement persisted. His remarks on Iran also kept risk appetite in check.
Gold pushes higher to around $4,950 in early Asian trade on Friday, extending its strong rally as rising geopolitical tensions and concerns over the Federal Reserve’s independence fuel safe-haven demand. Bullion is poised to print another record high and is on track for a weekly… pic.twitter.com/hBpy5S6ae7
— Gillian (@CFA_Gillian) January 23, 2026
Record Highs Across Precious Metals
The rally extended beyond gold. Silver and platinum also reached record highs, highlighting broad strength across the precious metals market.
| Metal | Instrument | Move | Record Level |
|---|---|---|---|
| Gold | Spot | +0.7% | $4,967.48/oz |
| Gold | Futures (February) | Over +1% | $4,969.69/oz |
| Silver | Spot | Nearly +3% | $99.0275 |
| Platinum | Spot | Nearly +1% | $2,692.31/oz |
Spot silver jumped nearly 3% to a record $99.0275. At the same time, spot platinum rose almost 1% to $2,692.31 per ounce.
Trump’s Iran Warning Sparks Flight to Safety
Speaking aboard Air Force One on Thursday, Trump said a U.S. naval contingent was heading toward Iran. He also warned Tehran against escalating tensions.
The president cautioned against targeting protestors or reviving Iran’s nuclear program.
“We have an armada heading in that direction,” Trump said. He added that he would “rather not see anything happen.”
According to reports, a U.S. aircraft carrier and several destroyers are expected to arrive in the Middle East in the coming days.
Earlier in January, Trump warned Iran against killing protestors amid widespread demonstrations. Although his tone later softened, the latest remarks revived market concerns. As a result, demand for safe-haven assets such as gold increased.
Powerful Start to 2026 for Precious Metals
Gold and other metals have posted strong gains through January. Geopolitical risks and rising demand for physical assets have driven the rally.
Earlier this year, a U.S. incursion in Venezuela added to market anxiety. In addition, Trump’s threats tied to Greenland pushed investors toward lower-risk assets.
Spot gold is up nearly 15% so far in 2026. Meanwhile, silver has gained almost 39%, and platinum is up 21%.
Macro Backdrop: Softer Dollar and Policy Uncertainty
A weaker U.S. dollar has also supported metal prices. Mixed economic data has led investors to price in potential Federal Reserve rate cuts later this year.
The Fed meets next week. It is widely expected to keep interest rates unchanged.
Trump’s criticism of the Fed has further lifted safe-haven demand. At the same time, concerns about fiscal stress in advanced economies have grown.
In recent weeks, Japanese and U.S. government bonds have sold off sharply. As a result, investors have increasingly turned to gold as an alternative store of value.
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