Gold Approaches $5,600 Per Ounce Amid Investor Demand for Safe-Haven Assets, Silver Targets $120

Spot gold extended its record-breaking rally, reaching nearly $5,600 an ounce as investors sought safe-haven assets amid geopolitical tensions and economic uncertainty. Gold rose 2.7% to $5,542.29 an ounce, hitting an intraday record of $5,591.61, continuing a surge that pushed prices past $5,000 earlier this week. Strong demand, central bank buying, and a weaker dollar have driven gold up more than 10% so far this week, with total gains exceeding 27% in 2026 following a 64% increase in 2025. Analysts note that gold is increasingly seen as a reliable store of value and a diversification tool across various macroeconomic conditions, with dips expected to present attractive buying opportunities.

Spot silver also climbed, trading at $117.87 an ounce after hitting a record $119.34, supported by investor demand for a cheaper alternative to gold, supply shortages, and momentum buying. Silver has risen more than 60% this year, with market tightness driven by reduced above-ground stocks.

Other precious metals also moved higher, with spot platinum up 1% to $2,723.40 an ounce, having reached a record $2,918.80 earlier in the week, while palladium declined 1.6% to $2,041.20.

The rally in gold and silver has been influenced by a combination of geopolitical concerns, including heightened tensions between the US and Iran, and economic factors such as the Federal Reserve’s decision to leave interest rates unchanged and continued inflation above target. Investor appetite was further boosted by crypto group Tether’s plan to allocate 10–15% of its investment portfolio to physical gold. Strong retail demand was reported in Shanghai and Hong Kong as customers bet on further price increases.