Iran tensions and Trump tariffs push gold prices to record high
Illustrative photo: Gold (Getty Images)
Gold has risen for four consecutive days to $5,230 amid new 15% tariffs introduced by US President Donald Trump and the largest US military build-up toward Iran in two decades, according to Bloomberg.
Bloomberg analysts say investors are increasingly treating precious metals as a safe haven amid the risk of a trade war with the EU and the real threat of military escalation in the Middle East. Against this backdrop, prices have already recovered from the 7% decline seen earlier in the month.
Tariffs and conflict: what is driving prices higher
Washington’s decision to introduce a universal 15% import tariff has created uncertainty among global trading partners. The European Union has already said the policy contradicts existing agreements, increasing the risk of a global recession.
At the same time, tensions around Tehran’s nuclear program have reached a peak. The White House’s dismissal of Pentagon concerns about a prolonged military campaign has further intensified market anxiety, prompting major investors to shift from government bonds and currencies into physical gold.
Bank forecasts
Most leading investment banks expect further testing of the record high of $5,595 per ounce reached in late January. Key supporting factors include:
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Federal Reserve uncertainty: concerns about the regulator’s independence under pressure from the White House
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Geopolitical premium: expectations surrounding renewed talks with Iran later this week
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Lack of alternatives: declining trust in sovereign debt of developed economies
As of Tuesday morning, bullion prices consolidated above the psychological $5,000 level, which technical analysts say opens the way for further gains through spring 2026.
