WASHINGTON (dpa-AFX) - Gold prices have plunged on Thursday after U.S. President Donald Trump asserted that the Middle East war could go on for two to three weeks while delivering his speech to the nation yesterday to update on the conflict.
Front Month Comex Gold for June month delivery has plunged by $124.10 (or 2.58%) to $4,689.00 per troy ounce.
Front Month Comex Silver for June month delivery has nosedived by $3.833 (or 5.02%) to $72.535 per troy ounce.
As the U.S.-Israel versus Iran war rages in its fifth week, Trump apprised viewers on the situation in gulf in a primetime address to the nation Wednesday night.
Claiming that U.S. forces have decimated Iran's navy, air force, and military, Trump stated that Iran has been deprived of any ability to make a nuclear bomb in the future.
Trump asserted that the attacks would intensify over the next two to three weeks, pushing Iran back to 'stone ages where they belong.'
Trump affirmed his hard stance once again by stating that the forces would finish the job 'very fast' and claimed that the U.S. was getting 'very close' to its goal. However, Trump also remarked that discussions with Iran are ongoing.
Trump's speech, which lasted less than 20 minutes, had no major announcements. It comes a day after he suggested that U.S. forces could complete their mission in the Middle East within two to three weeks.
Trump also once again called on other countries to 'build up some delayed courage' and take control of the vital Strait of Hormuz, claiming, 'The hard part is done.'
Days before, Trump had mentioned that Iran's new regime asked the U.S. for a ceasefire, a claim which Iran denied.
Meanwhile, several locations in northern Israel were targeted by Iran. A century-old medical research centre in Tehran was hit by U.S.-Israeli forces.
While experts deciphered nothing 'new' or 'substantial' to infer from Trump's address, his speech once again triggered inflation concerns and thereby rekindled expectations of a high-interest rate regime.
As a result, while oil prices climbed, gold prices took a hit.
On the data front, according to the Challenger, Gray and Christmas private jobs report, U.S.-based employers announced 60,620 job cuts in March (above 48,307 in February) with the technology sector recording the highest number of cuts in March (18,720).
Data from the U.S. Labor Department revealed that initial jobless claims fell by 9,000 from the previous week to 202,000 during the fourth week of March, well below the median market estimate of 212,000.
Meanwhile, the continuing jobless claims increased to 1,841,000 for the week ending March 21 from 1,816,000 of the previous week.
Jobless claims four-week average decreased to 207,750 in March 28 from 210,750 in the previous week.
With no signs of an early resolution to the energy crisis in the gulf, gold and silver prices were weighed down by concerns arising from inflationary pressures and dollar ascendancy.
The U.S. dollar index was last seen trading at 99.94, up by 0.38 points (or 0.38%) today.
According to the CME Group's FedWatch Tool, investors are betting on a 99.50% chance that the Federal Reserve will hold the interest rate at the current level at its upcoming meeting on April 28-29.
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