Last Updated on January 23, 2026 by Deon
Gold prices gave back some gains on Friday after earlier reaching a record high, coming close to the $5,000 per ounce mark. The rise followed news that the U.S. had sent naval ships toward Iran, increasing demand for safe-haven assets.
At 08:30 ET, spot gold fell slightly by 0.1% to $4,930.40, after climbing as high as $4,967.48 earlier. February gold futures rose 0.4% to $4,932.08/oz.
Silver and platinum also hit record highs. Spot silver jumped over 3% to $99.78/oz, while platinum rose more than 5% to $2,721.45/oz. Markets stayed cautious despite Trump’s announcement of a Greenland trade deal, as his Iran comments kept demand for safe-haven metals strong. Trump Sends Naval Fleet Toward Iran
Speaking from Air Force One, President Trump said the U.S. has a naval fleet moving toward Iran and warned Tehran against harming protestors or restarting nuclear activities.
“We have an armada heading in that direction, and maybe we won’t have to use it,” Trump said, adding he hopes no conflict occurs.
