Gold prices fell to about $4,690 per ounce on Thursday, snapping a four-day rally, as the US dollar strengthened following comments from President Donald Trump that offered no clear timetable for ending the Middle East conflict. Trump said Washington’s key strategic objectives in Iran were close to being achieved, but cautioned that the military campaign could continue—and potentially intensify—over the next two to three weeks, a message that bolstered the dollar.
The greenback has recently taken on a stronger role as a safe-haven asset, weighing on dollar-denominated precious metals such as gold. At the same time, oil prices resumed their climb, amplifying inflation concerns and reinforcing expectations of tighter monetary policy. In interest-rate markets, traders have now completely removed the possibility of US rate cuts in 2026, a sharp reversal from pre-war positioning that had anticipated two cuts.
