WASHINGTON (dpa-AFX) - Adding to the previous two sessions of losses, gold prices have plunged on Thursday after crude oil prices soared following U.S. President Donald Trump's remarks that the U.S. no longer wants any deal with Iran. The return of inflation concerns renewed U.S. rate hike expectations which weighed on the yellow metal.
Front Month Comex Gold for December delivery has plummeted by $115.20 (or 2.88%) to $3,885.30 per troy ounce.
Front Month Comex Silver for December delivery has also plunged by $1.917 (or 3.69%) to $50.085 per troy ounce.
Yesterday, while speaking at the 2026 National Veterans Day Ceremony at Arlington National Cemetery, U.S. President Donald Trump defended his decision to wage a war with Iran.
Before ending the war, Trump wanted to make sure of a total U.S. victory and not an incomplete victory.
Trump proudly claimed that his operation stopped Iran from acquiring a nuclear weapon.
Earlier on Sunday, Trump stated that there would not be a need to recommence the attacks as long as the efforts by mediators to end the conflict show progress.
Later on Wednesday, after conceding to the request by Arab nations to pause attacks on Iran, Trump remarked that he was seeing a positive momentum in the attempts towards ending the conflict.
U.S. Secretary of State Marco Rubio claimed that with the U.S. sanctions squeezing Iranian economy effectively, there was no need for any combat actions.
With these developments, expectations of an earlier resolution to the U.S.-Iran crisis ran high.
However, things took a different turn following the strongly worded remarks by the Secretary of Iran's Supreme National Security Council Major General Mohsen Rezaei.
Denying any official U.S.-Iran meeting, Rezaei claimed that the U.S. is making such false claims about negotiations solely to bring down the oil prices and ease pressure on the U.S. economy.
In addition, Rezaei stressed that Iran will never allow a single grain of enriched nuclear particle to move out.
Yesterday, citing people familiar with the negotiations, the Wall Street Journal reported that U.S. Vice President JD Vance is considering to have a face-to-face talk with a top Iranian security official. The report added that Trump has empowered Vance to hold the talks.
Negating the report, through a message via Truth Social, Trump remarked that the U.S. does not need a deal with Iran and those days of waiting are over. Instead, Trump directed Vance to focus on corruption and crime in the U.S. cities.
Trump stated that the U.S. has hundreds of billions of dollars of Iran's money as well as the Strait of Hormuz.
With both the U.S. and Iran continuing to assert their authority over the Strait of Hormuz, which was shut by Iran since the start of war, shipping traffic has come down to single digits.
Today, the navy of Iran's Islamic Revolutionary Guards Corps stated that late Wednesday, two supertankers that violated the navigational guidelines put in place by Iran while transiting the Strait of Hormuz were disabled by explosions. In total, both tankers were reportedly carrying more than 4 million barrels of oil.
On the economic front, data from the U.S. Labor Department showed that for the week ending November 7, the initial claims for unemployment benefits increased by 9,000 to 200,000 from the previous period.
The continuing jobless claims decreased to 1,697,000 for the week ending October 31 from 1,717,000 of the previous week.
The four-week average remained unchanged at 195.25.
Today, the WTI crude oil for December was last seen trading, down by $1.72 (or 1.99%), at $88.25 per barrel.
Today, the U.S. dollar index was last seen trading at 103.19, up by 0.29 (or 0.28%) today.
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