WASHINGTON (dpa-AFX) - Reversing the gains from yesterday, gold prices have plunged on Thursday as inflationary concerns drew back investors' attention after the U.S. and Iran hardened their stances.
Front Month Comex Gold for April month delivery has plummeted by $165.50 (or 3.64%) to $4,386.80 per troy ounce.
Front Month Comex Silver for April month delivery has nosedived by $4.785 (or 6.61%) to $67.610 per troy ounce.
As the gulf war enters day number twenty-seven today, Axios reported that the Pentagon is developing military options for 'a final blow' on Iran using ground forces and a massive bombing campaign.
On Tuesday, Trump announced in the Oval office that Iran agreed to make oil-and-gas-related concessions, worth a 'tremendous amount of money.'
Trump's message was construed as a positive sign on the resumption of oil transit via the Strait of Hormuz. The critical chokepoint has been blocked since the Middle East conflict began on February 28.
Yesterday, the Associated Press stated that Iran has been delivered a 15-point peace proposal via Pakistan.
The vital aspect of the deal centers on Iran dismantling its nuclear facilities, and in exchange, the U.S. would lift all sanctions on Iranian exports.
Senior parliamentarians and several media outlets from Iran have been disputing Trump's claims, stressing that Iran was not engaged in any direct or indirect peace talks. Officially, Iran neither confirmed nor denied the news, leaving room for speculation.
Iran's Foreign Minister Abbas Araghchi merely stated that Iran was reviewing the proposal and denied any ongoing talks with the U.S.
Today, at a Cabinet meeting in the White House, Trump stated that Iran allowed 10 oil tankers to pass through the strait as a 'present' to indicate its willingness for peace talks.
Meanwhile, the Pentagon planned to send thousands of airborne troops to the gulf from the U.S. Army's 82nd Airborne Division. Iran threatened to shut the Bab el-Mandeb Strait and block the Red Sea if there is a ground attack on Iran.
With no progress in the attempts for a peaceful resolution of the conflict, traders waited to see what measures Trump would embrace.
In a post on his social media platform, Trump remarked that Iranian negotiators are 'begging' the U.S. to make a deal but publicly, they talk the opposite. Trump warned them to get serious soon before things get too late.
For now, Iran is using the strait as a controlled corridor preventing the transit of vessels connected to countries it deems 'hostile' and allowing very few tankers from other nations under restricted conditions.
Meanwhile, Israel claimed that it has killed the naval commander of Iran's Islamic Revolutionary Guards Corps, Alireza Tangsiri, considered the kingpin behind the blocking of the Strait of Hormuz.
Israel's Prime Minister Benjamin Netanyahu announced that Israel will continue to strike Iranian targets.
Concerns of a larger escalation in the gulf in the next few days pushed up oil prices and pulled down gold prices.
WTI crude oil for May month delivery was last seen trading at $94.95 a barrel, up by $4.63 (or 5.13%).
In the U.S. today, a report from the Department of Labor revealed that initial jobless claims rose by 5,000 to 210,000 in the third week of March.
Continuing jobless claims (i.e., the number of people receiving ongoing unemployment benefits) decreased to 1,819,000 for the week ending March 14.
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