(RTTNews) – Gold prices fell on Thursday as the dollar and bond yields rose after US President Donald Trump warned that Iran would be hit ‘very hard’ in the coming weeks.
Spot gold fell 2.9 percent to $4,621.81 an ounce, while US gold futures for June delivery were down 3.5 percent at $4,645.56.
Oil prices rose more than 7 percent, renewing fears of rising inflation and slowing economic growth, as Trump’s address to the nation on the war in the Middle East dashed hopes for a quick resolution to the conflict.
Trump’s highly anticipated speech provided little clarity on when the conflict might end.
Trump said that US military goals were “close to being met” and that Iran would be hit “very hard in the next two to three weeks”. He claimed that the shortcomings were short-term, and urged Americans to view the conflict as an “investment.”
The Iranian military has responded to Trump’s latest comments, warning that the war in the Middle East will continue unless the United States faces “permanent humiliation and surrender.”
In a statement, Ibrahim Zolfgari, a spokesman for Iran’s Khatam al-Anbiya central headquarters, threatened to launch “stronger, broader and more destructive” attacks against US and Israeli forces, and said key defense assets, including missile production facilities, long-range strike and precision drones, modern air-defense systems, electronic warfare and electronic warfare capabilities, would remain intact and operational.
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