Ankara: Gold prices rebounded Wednesday, exceeding $5,000 again, after dipping on positive developments about US-Iran talks. Spot gold increased more than 2.5% as of 1540GMT to $5,001 per ounce, as some reports suggest the Trump administration is preparing for potential military action against Iran.
According to Anadolu Agency, one White House advisor mentioned there is a “90% chance we see kinetic action in the next few weeks,” based on the reports. Gold fell Tuesday to around $4,900 after Iran announced it had reached “guiding principles” with the US on nuclear talks.
Silver also experienced an increase of 5.7%, reaching $77.7 per ounce. Earlier, gold surged 13.2% in January, marking its best monthly performance since September 1999 amid global geopolitical tensions. In February, prices remained mostly stable due to the easing geopolitical tensions and the US Federal Reserve’s decision to hold interest rates steady.
Gold commenced 2026 at $4,313 and achieved a record of $5,598 on January 29. Meanwhile, investors are keenly awaiting the minutes from the US Federal Reserve’s January 16-17 meeting on Wednesday, seeking insights into the future direction of monetary policy.
