Gold Prices Retreat as Trump Threatens Further Attacks on Iran
4/2/2026 12:11:57 PM
Gold retreated from two-week highs on Thursday after U.S. President Donald Trump said that Washington would continue its military campaign in Iran in the coming weeks, pushing crude prices sharply higher and dampening hopes of interest rate cuts.
Spot gold was down 2% at $4,664.39 per ounce, as of 0439 GMT, snapping a four-day winning streak, while U.S. gold futures slid 2.5% to $4,691.10.
In a prime-time address to the nation late on Wednesday, Trump said the United States would carry out aggressive strikes on Iran over the next two to three weeks and was nearing "completion of its main strategic objectives" in the conflict.
"Gold is pulling back after two superb days, as President Trump was quite bellicose in his tone, referring to aggressive plans over the coming weeks... it suggests the optimism of the last few days was exuberant and there will be some retracement ahead of the long weekend," independent metals trader Tai Wong said.
Spot gold was down 2% at $4,664.39 per ounce, as of 0439 GMT, snapping a four-day winning streak, while U.S. gold futures slid 2.5% to $4,691.10.
In a prime-time address to the nation late on Wednesday, Trump said the United States would carry out aggressive strikes on Iran over the next two to three weeks and was nearing "completion of its main strategic objectives" in the conflict.
"Gold is pulling back after two superb days, as President Trump was quite bellicose in his tone, referring to aggressive plans over the coming weeks... it suggests the optimism of the last few days was exuberant and there will be some retracement ahead of the long weekend," independent metals trader Tai Wong said.