Gold prices surged past $5,000 per ounce on Wednesday after the United States downed an Iranian drone, reigniting geopolitical tensions and prompting investors to seek safe-haven assets, according to multiple news sources. The price of gold had experienced wild fluctuations in recent weeks, but the incident caused a significant rebound.
The BBC reported that gold prices jumped to $5,061 per ounce, approximately $80 higher than the same time last year. This surge followed days of sharp falls, which were partly triggered by the nomination of Kevin Warsh as Federal Reserve chair, according to BBC Business.
The price of silver also experienced volatility, driven by economic uncertainty, currency concerns, and its dual role as an industrial commodity and safe-haven asset, CBS News reported. Silver was trading at roughly three times the price it was in early 2025, though it has experienced some moderation since reaching over $100 per ounce in late January, according to CBS News.
Geopolitical uncertainty, ongoing conflict, and central banks increasing their purchases of bullion had previously propelled gold prices to record highs, according to the BBC. The recent fluctuations have prompted investors to assess current buying opportunities, CBS News noted. Analysts predict continued volatility due to upcoming interest rate decisions, elections, and ongoing international tensions, BBC Business reported.
In related news, the Trump administration published updated federal dietary guidelines last month that recommend full-fat dairy, like whole milk, and passed a new law that allows public schools to serve whole milk, Vox reported.
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