Gold Plunges as Trump Gives Mixed Signals on Iran War Resolution

Gold declined after a much-anticipated address by US President Donald Trump offered little clarity on a resolution to the war in the Middle East. Silver also fell sharply.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Gold declined after a much-anticipated address by US President Donald Trump offered little clarity on a resolution to the war in the Middle East. Silver also fell sharply.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Spot gold tumbled as much as 4.3%, breaking a four-day winning streak, after Trump said the month-long conflict was nearing completion but that the US would hit Iran “extremely hard” over the next two to three weeks. In a primetime speech, the US leader also said the military operation had nearly achieved its military goals, while exhorting allies who rely on Middle Eastern oil supplies to resolve the near-closure of the Strait of Hormuz.Equities fell, a gauge of the US dollar rose as much as 0.4% and oil surged as concerns lingered over energy flows through Hormuz, the strategic waterway that — before the war — was a transit point for a fifth of the world’s oil and liquefied natural gas. The moves extended a scenario that has played out during the conflict, with gold’s haven appeal dulled by the need for investors to liquidate their positions and cover losses elsewhere.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Trump’s speech “basically framed the conflict as a military success story, not a ceasefire announcement,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. “Gold had an impressive run-up to a $4,800 intra-session high,” he said. “From here, the momentum may moderate given the possible curtailment of risk appetite on fears of a US ground operation in Iran.”With Trump already having said the US could leave Iran within a two- to three-week timeframe, traders had earlier bet that the Federal Reserve may need to cut interest rates to shore up a possible longer-term economic downturn. The market will be closed for the Good Friday holiday and a desire to minimize risks ahead of the long weekend is likely to dominate trading, said OCBC’s Wong.A near-12% decline in March was bullion’s worst monthly performance since October 2008, as inflationary risks stemming from elevated oil prices reduced the prospect of lower borrowing costs, again outweighing gold’s traditional appeal as a haven.Spot gold fell 4.1% to $4,562.88 an ounce at 2:12 p.m. Singapore time. Silver slid 7% to $69.86, while platinum and palladium also declined.

The Bloomberg Dollar Spot Index rose 0.4%.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.