Gold Soars Past $5,200 as Haven Demand Surges and Dollar Weakens

Gold prices surged to fresh record highs on Wednesday, breaking above the $5,200-an-ounce mark as robust safe-haven demand and sustained weakness in the U.S. dollar continued to buoy precious metal markets.

Spot gold touched an all-time high of $5,266.38 per ounce, while April gold futures climbed to a peak of $5,297.86. Other precious metals also remained upbeat, with silver and platinum hovering near recent record levels.

The rally was underpinned by heightened risk aversion ahead of the conclusion of the Federal Reserve’s policy meeting later in the day, with markets bracing for guidance from Chair Jerome Powell on the path of U.S. interest rates.

Demand for havens strengthened after U.S. President Donald Trump said a second “armada” was heading toward Iran, expressing hope that Tehran would accept a deal with Washington. Uncertainty surrounding U.S. policy has been a major driver of gold’s rally this year, with geopolitical flare-ups—from Venezuela to Greenland—adding to global tensions.

Gold is now up about 20% so far in 2026, building on stellar gains from last year.

A sharply weaker dollar has further fueled the move. The greenback slid to a near four-year low this week after Trump signaled he was unconcerned by dollar weakness, triggering deeper losses in the currency and making dollar-priced metals more attractive to global buyers.

Broader metal markets also benefited from the combination of risk aversion and currency weakness. Spot silver jumped 2.8% to $115.25 per ounce, while spot platinum rose 1.3% to $2,688.23.

Markets remain focused on the Federal Reserve, which is widely expected to leave rates unchanged at 3.75%. Investors will be watching Powell’s remarks closely for any signal on the timing of future rate cuts and for his response to growing pressure from Washington.

Trump said on Tuesday that he is close to naming his pick for the next Fed chair after Powell, adding that interest rates will fall under new leadership. The comments follow Powell’s earlier claim that political pressure—including a Justice Department investigation—was being used to push the Fed toward cutting rates, heightening concerns over the central bank’s independence.

With geopolitical risks elevated, the dollar under pressure, and monetary policy uncertainty lingering, gold’s appeal as a store of value continues to strengthen.