Gold Hits Record Highs Amid Fed Pause, Rising US-Iran Tensions
Spot gold climbed more than 2.4% day-on-day to $5,548.50 as of 0800 GMT, having earlier reached an all-time high of $5,595.44. Over the past week, gold prices have gained around 13%, with a roughly 102% increase over the last 12 months and about 29% since the start of 2026, fueled by global trade uncertainties, geopolitical risks, and interest rate cuts by major central banks.
Silver also rose, hitting a record $120.43 an ounce, marking a more than 283% increase over the past year.
Tensions escalated after US President Donald Trump stated that a “massive armada,” led by the aircraft carrier Abraham Lincoln, was en route to Iran, warning Tehran to reach an agreement or face a “much worse attack.” Trump noted that the fleet is larger than the one previously sent to Venezuela and “prepared to rapidly fulfil its missions with speed and violence if necessary.”
Meanwhile, the Fed left the policy rate unchanged at a target range of 3.5%–3.75%, noting that economic activity continues to expand at a “solid” pace. Fed Chair Jerome Powell indicated that the central bank could consider reducing the policy rate once price pressures ease, saying he expects to see “the effects of tariffs flowing through goods prices peaking and then starting to come down, assuming there are no new major tariff increases that are begun.”
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