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Gold prices tumbled nearly 4% to $4,600 per ounce on Thursday, ending a four-session rally, as both the US dollar and oil prices surged following President Donald Trump’s pledge to intensify strikes against Iran. His comments, asserting that the United States had "nearly accomplished" its military objectives while offering no clear end to the month-long conflict, fueled inflation concerns and solidified expectations for higher interest rates.
In a speech on Wednesday, President Trump said US forces had "nearly achieved" their goals in Iran but declined to outline a timeline for concluding the war, instead promising to hit Iran "extremely hard" over the next "two to three weeks." Tehran, for its part, rejected his claim that it had sought a ceasefire and reiterated that the Strait of Hormuz remains firmly under the control of the IRGC Navy.
The dollar’s safe-haven rally put additional pressure on dollar-denominated gold, which has now shed 13% of its value since the conflict began on February 28.
