Gold Slides as Trump Gives Mixed Signals on Iran War Resolution
(Bloomberg) -- Gold declined after a much-anticipated address by US President Donald Trump offered little clarity on a resolution to the war in the Middle East. Silver also fell sharply.
Spot gold tumbled as much as 4.3%, breaking a four-day winning streak, after Trump said the conflict, in its fifth week, was nearing completion but that the US-Israel alliance would hit Iran “extremely hard” over the next two to three weeks. Iran, for its part, continued attacks across the Persian Gulf on Thursday and showed little appetite to start talks.
Equities fell, a gauge of the US dollar rose as much as 0.5% and oil jumped as concerns lingered over energy flows through Hormuz, the key waterway that’s normally a transit point for a fifth of the world’s oil and liquefied natural gas. The moves extended a scenario that has played out during the conflict, with gold’s haven appeal dulled by the need for investors to liquidate their positions and cover losses elsewhere.
Trump’s speech “basically framed the conflict as a military success story, not a ceasefire announcement,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. While gold earlier edged up to about $4,800 an ounce, “the momentum may moderate given the possible curtailment of risk appetite on fears of a US ground operation in Iran.”
With Trump already having said the US could leave Iran within a two- to three-week timeframe, traders had earlier bet that the Federal Reserve may need to cut interest rates to shore up a possible longer-term economic downturn. The market will be closed for the Good Friday holiday and a desire to minimize risks ahead of the long weekend is likely to dominate trading, OCBC’s Wong said.
A near-12% decline in March was bullion’s worst monthly performance since October 2008 as inflationary risks stemming from elevated oil prices reduced the prospect of lower borrowing costs, again outweighing gold’s traditional appeal as a haven.
Spot gold fell to $ an ounce as of in New York. Silver slid to $, while platinum and palladium also declined. The Bloomberg Dollar Spot Index rose .
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