Gold Prices Plummet After Trump's Iran Speech

0:00Gold prices took a hit yesterday, dropping 2% to $4,664.39 per ounce after President. Trump's prime time speech on April 1st. He pledged to ramp up military strikes on Iran over the next two to three weeks, snapping gold's four-day rally to its highest since mid-March. U.S. gold futures slid 2.5% to $4,691.10, while silver plunged 4.6%. $1.71.67 per ounce. Meanwhile, the speech spiked Brent Crude to $105 a barrel, fuelling inflation worries that boosted treasury yields and the dollar. That combo usually tanks gold, a non-yielding asset, even amid geopolitical heat. Stock futures dip, too, with S&P 500, down 0.7% right after. Traders shook off the safe haven vibe, liquidating gold to cover losses elsewhere as the dollar index climbed 0.7%.

1:00Iran's foreign ministry fired back on April 2nd, vowing to defend against the aggression. Gold's down, more than 11%, since the conflict kicked off on February 28th, bucking the typical war-rally pattern. Analysts point to overcrowded positions after gold's 70% yearly surge, sparking profit taking. Volatility's double from historical norms, with more financial players in the mix. Betts on a fed-rate cut in December, fell to just 12%. Goldman Sach sticks to its $5,400-year-in target for 2026, betting on central bank buying an eventual rate. Relief. For now, oil and dollar dynamics rule until tensions ease or policy shifts. Keep watching those flows. That's your update from Durham News Today, powered by AI.