Precious metal hits fresh record as US President Donald Trump renews threats against Iran.
Gold prices have set a new record amid United States President Donald Trumpâs threats of military action against Iran and the weakness of the US dollar. Bullion surged past $5,500 an ounce on Thursday, extending an extraordinary rally that has seen the precious metal gain more than 20 percent in value since the start of the year. The latest peak came after Trump said a âmassive Armadaâ was on its way to Iran and that US forces were prepared to act with âspeed and violence, if necessaryâ. Gold has been historically prized by investors for its tendency to hold its value, particularly during periods of economic uncertainty or upheaval. The precious metal soared 64 percent in 2025, a year marked by Trumpâs return to the White House and his radical shake-up of international trade and institutions.
Gold bars are stored in a safe deposit room in Munich, Germany [File: Angelika Warmuth/Reuters]
The metalâs stellar run has also been aided by the declining popularity of other traditional âsafe havenâ assets such as government bonds, whose lustre has dimmed amid anxiety about the massive debt held by advanced economies, including the US. Asian stock markets opened mostly lower on Thursday, before rebounding in the afternoon. Japanâs Nikkei 225 was up about 0.2 percent as of 2:30pm local time. Hong Kongâs Hang Seng Index was about .07 percent higher, while the SSE Composite Index in Shanghai was up about 0.1 percent.
Crackdown on protesters âturning pointâ for EU in debate over sanctioning IRGC
Over the past few months, debate has been going on within the EU about slapping sanctions on Iran. Some key players in the EU have been sceptical, saying if they impose sanctions on Iranâs Islamic Revolutionary Guard Corps (IRGC), it could have negative repercussions for the potential of achieving a deal over Tehranâs nuclear programme. But the crackdown on protesters in Iran has been a turning point for the Europeans. This is why they managed yesterday to overcome their differences and decided to impose sanctions on the IRGC. They say there are other entities that will also be included in this set of sanctions. It is quite a significant development. We are likely to see further strained relations between the EU and Iran at this critical moment when thereâs talk about a potential US attack against Iran.
Iran says its forces are ready for all military scenarios
Iranâs elite Islamic â Revolutionary Guard âCorps (IRGC) says the countryâs armed forces are fully prepared to respond to any military scenario, according to Iranâs state news agency IRNA. Quoting IRGC spokesperson Brigadier General Ali Mohammad Naeini, IRNA reported on Thursday that detailed action plans are in place to counter what Tehran describes as hostile moves by its adversaries, including potential military action. Naeini accused the United States of waging psychological warfare against Iran in recent days, saying Washington has relied on coercion and intimidation to spread fear among the Iranian public. According to IRNA, the IRGC spokesperson said US officials are frustrated by Iranâs resistance and are now seeking to escalate tensions through what he described as false narratives aimed at Iranian society.
UK working with allies to prevent Iran from developing nuclear weapons, says PM Starmer
British Prime Minister Keir Starmer says the UK is working with allies to ensure Iran does not develop nuclear weapons after Donald Trump deployed a naval armada and warned time is running out for Tehran to do a deal. âWell, the big issue, the big challenge here, is to ensure that Iran doesnât get a nuclear programme and we all absolutely agree on that, and weâre working with allies to that end, and that is the central focus Iâm doing with our allies,â he said. Asked if Trumpâs actions were right, Starmer said: âWe all agree that ensuring that Iran doesnât get that nuclear programme is the number one priority, and thatâs what weâre working on.â