Gold prices have surged to a new record as investors pile into safe-haven assets amid intensifying geopolitical tensions and persistent economic uncertainty.
February 2026 Comex gold futures briefly touched an all-time high of $5,600 per troy ounce on Thursday before easing back to around $5,550, according to exchange data.
Silver also extended its rally, with March 2026 Comex futures climbing above $119 per ounce before paring gains. Both metals have risen sharply over the past year, reflecting heightened demand for protection against market volatility. Gold jumped more than 60% in 2025, while silver posted an even stronger 127% gain.
Market analysts point to escalating global risks as a key driver of the rally, including renewed tensions between the United States and Iran following warnings from President Donald Trump over Tehran’s nuclear ambitions. Economic factors have also played a role, with the US Federal Reserve holding interest rates steady while signalling inflation remains above its 2% target.
Additional support for gold came from Tether’s announcement that it plans to allocate 10–15% of its investment portfolio to physical gold. Analysts also cite rising US debt levels and growing uncertainty around the fragmentation of the global trade system as reasons investors are increasingly turning to precious metals.
The surge has reportedly delivered significant financial gains to Russia, with the value of its gold reserves now rivaling the roughly $300 billion in sovereign assets frozen by Western countries, while remaining liquid and usable as collateral.
Image credit: Planet Volumes
Those who thought they were just “pet rocks” and/or “Boomer rocks” have egg on their face now.