Gold prices climbed to unprecedented levels above $5,500 per ounce on Wednesday evening, spurred by reports of potential U.S. military actions against Iran. Investors increased allocation to safe-haven assets amid mounting geopolitical risks and continued weakness in the dollar.
The gold market saw sustained upward momentum as reports circulated that President Donald Trump is weighing further military strikes on Iran. Heightened uncertainty over U.S. policy and concerns about escalating conflict in the Middle East drove robust demand for physical assets and traditional havens.
According to media coverage on Wednesday, nuclear negotiations and talks on Iran’s missile program have reached an impasse, prompting fresh consideration of military options by the U.S. administration. Earlier in the day, President Trump had publicly urged Iran to reach a mutually acceptable agreement with Washington and to halt its nuclear pursuits, warning that any new U.S. operation would exceed the scale of the mid-2025 attacks on key Iranian nuclear infrastructure.
Recent weeks have seen increased U.S. military presence in the region, following prior threats by Trump supporting protests in Iran and signaling readiness for further action. The potential for additional strikes, particularly against Iranian leaders and officials accused of involvement in protester casualties, has intensified uncertainty. Iranian authorities have pledged strong retaliation should additional U.S. attacks occur.
