Gold prices reversed course to slip more than 1% on Thursday, snapping a four-day winning streak, after U.S. President Donald Trump said the United States would continue the war in Iran over the coming weeks.
Spot gold fell 1.3% at $4,694.48 U.S. per ounce while U.S. gold futures slid 1.9% to $4,723.70. Prices were up over 1% at their highest levels since March 19 before Trump’s remarks.
The United States would strike Iran “extremely hard” over the next two to three weeks and push it back into the “Stone Ages,” Trump told the nation in a televised speech, adding that U.S. strategic objectives in the conflict were close to being fulfilled.
The metal dropped 11% in March, its worst monthly loss since 2008, after the onset of the conflict in Iran on February 28, which has driven oil prices higher and added to inflation pressures, clouding the Fed’s path for monetary policy.
Fed rate-cut expectations remain low through most of 2026, with markets largely pricing in no change until a modest 25% chance of a cut emerges at the December meeting.
In other metals, spot silver fell 2.9% to $72.95 U.S., platinum dropped 1.8% to $1,928.26 and palladium shed 1.4% to $1,451.85.
