Gold prices hit a record high above $5,200 an ounce on Wednesday as strong haven demand and prolonged weakness in the dollar benefited metal markets. 

Other precious metals also remained upbeat, with silver and platinum both remaining close to recent record highs. Haven demand was underpinned by caution before the conclusion of a Federal Reserve meeting later in the day. 

Spot gold jumped to a record high of $5,266.38/oz, while gold futures for April hit a peak of $5,297.86/oz. 

Gold aided by geopolitical tensions, policy uncertainty

Demand for havens remained strong after U.S. President Donald Trump said there was a second armada headed towards Iran, and that he hoped the country would accept a deal with Washington.

Uncertainty over U.S. policy has been a major driver of gold’s rally this year, as an incursion in Venezuela and a spat over Greenland drummed up global geopolitical tensions. The yellow metal is trading up about 20% so far in 2026, after clocking stellar gains in the prior year. 

Weakness in the dollar also benefited gold and metal markets, with the greenback sliding to a near four-year low this week. Trump on Tuesday indicated that he was unconcerned by a weaker dollar-- a move that sparked even deeper losses in the currency. 

Silver, platinum prices upbeat as Fed meeting looms 

Broader metal prices also remained largely upbeat and close to recent record highs as risk aversion and weakness in the dollar drove demand for physical assets. 

Spot silver jumped 2.8% to $115.2455/oz, while spot platinum rose 1.3% to $2,688.23/oz. 

ANZ analysts said in a note that silver was a major beneficiary of physical demand in China, where investors had relatively limited options to invest in for metals exposure and could only buy bars and coins of the white metal.  

Gains in metals come with the Fed set to conclude a two-day meeting later in the day, where the central bank is widely expected to leave rates unchanged at 3.75%. 

Focus will be squarely on Fed Chair Jerome Powell’s outlook on monetary policy, and whether the Fed chair will address recent pressure from Washington to sharply cut interest rates. 

Trump said on Tuesday that he was close to naming his pick for the next Fed chair after Powell, and that interest rates will fall with new leadership at the central bank. 

This comes after Powell earlier in January claimed that Washington was seeking to pressure the Fed into cutting rates through a Department of Justice investigation-- a move that sparked heightened concerns over the central bank’s independence.