Gold tops $5,100, silver jumps nearly 5%

April gold futures climbed 3.5% to $5,108.1 an ounce.

Gold futures rose on Wednesday, driven by safe-haven demand as renewed US-Iran geopolitical tensions boosted the yellow metal.

April gold futures climbed 3.5%, or $173.1, to $5,108.1 an ounce.

Spot gold gained 2.7% to $5,079.36 an ounce, while silver surged about 3.35% to $88.01 an ounce.

The US Dollar Index, which tracks the currency against six major peers, edged down 0.1% to 97.34 at 09:05 a.m. Mecca time.

March silver futures jumped 5.35% to $87.76 an ounce. Platinum rose 3.45% to $2,292.48, and palladium gained 2.35% to $1,791.61.

The moves followed US military reports on Tuesday that it shot down an Iranian drone that approached the aircraft carrier Abraham Lincoln in the Arabian Sea in what was described as an “aggressive” maneuver, Reuters reported.