Silver hits fresh high above $84, gold breaks record after Trump flags possible action on Iran

Key Takeaways

• Gold prices hit an all-time high due to geopolitical risks.
• Silver reached a new record of $84 per ounce, driven by investment and industrial demand.

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Precious metals advanced in the early hours of Monday as investors sought safety amid rising geopolitical tensions. Spot gold established a fresh high near $4,600, while silver scaled levels above $84, per TradingView.

The rallies come as tensions between the US and Iran escalate amid Iranian domestic instability. The US is evaluating a range of punitive measures against the Middle Eastern country in response to its deadly crackdown on protesters that reportedly killed hundreds, The Guardian reported.

While acknowledging that Tehran has reached out to propose negotiations, Trump warned that the rising death toll among protesters is approaching a “red line” and pledged support for demonstrators.

Iranian officials have rejected foreign interference and threatened to target US and Israeli interests if subjected to any military attack.

Rising US–Iran tensions are fueling fears of sustained geopolitical unrest, especially after the US, not long ago, unexpectedly carried out a military operation in Venezuela that resulted in the capture of its leader.

Apart from rising US–Iran frictions, demand for safe-haven assets is evident in continued inflows into gold and silver ETFs.

Market participants are also weighing broader policy risks, including uncertainty over US trade measures and a pending Supreme Court decision on Trump’s tariff agenda. Analysts say that movements in the US dollar, the Fed’s policy stance, and data on inflation and employment will be key drivers in the days ahead.