The rally that propelled gold and silver to record-breaking highs in 2025 could pick up again if a U.S.-Iran peace deal is reached, market watchers told media outlet as prices ticked higher on Thursday.
Spot gold jumped 1.2% to $4,750 U.S. per ounce on Thursday, amid hopes that the U.S. and Iran could be nearing a deal to bring the 69-day war to an end.
U.S. gold futures improved 1.2% to settle around $4,750.00.
Meanwhile, spot silver added 3% to trade at $79.62 an ounce, and silver futures for July delivery jumped 3.9%.
Gold and silver both enjoyed record-smashing rallies in 2025, gold surging 66% and silver triumphing 135%, over the course of the year. However, they have seen much more volatile trade in 2026, with silver futures suffering their biggest single-day blow since the 1980s at the end of January and gold knocking more 10% off its January peak.
Since the outbreak of the U.S.-Iran war on Feb. 28, gold’s reputation as a “safe haven” asset in times of turmoil has come under pressure as some of the drivers behind its ascendance have been called into question.
As the Iran war dragged on – prompting warnings of price shocks and economic growth stunting – markets rushed to price in a suspension of monetary easing cycles in various major economies, with some central banks now expected to hike interest rates to ward off the impact of inflated energy prices.
But optimism resurfaced on Wednesday following reports that the U.S. and Iran are close to agreeing a peace settlement. One expert noted that precious metals were now recovering with equities.
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