Gold prices slide as oil surges after Trump Iran remarks
Gold prices fell 2.7 percent on Thursday as oil surged following Trump remarks on Iran. Rising inflation fears lowered bets for Federal Reserve rate cuts.
Prices for Gold fell sharply on Thursday, retreating from two-week highs as a surge in energy costs shifted the investment landscape. The decline followed statements from the United States regarding continued military operations, which heightened inflation concerns and dampened expectations for imminent interest rate cuts by the Federal Reserve.
Spot prices dropped 2.7% to $4,622.59 per ounce, while futures recorded a 3.4% decrease to $4,649. Despite the daily pullback, the metal is still on course for a weekly gain of approximately 3%, having hit its highest level since March 19 earlier in the day before the market reacted to geopolitical developments.
