(April 2): Gold fell after US President Donald Trump said the US would hit Iran “extremely hard” over the next two to three weeks. Bullion dropped as much as 2.3%, reversing an earlier gain, after Trump used a primetime address to praise US military success in Iran without announcing a ceasefire. Equities fell, a gauge of the US dollar rose and oil jumped as concerns lingered over energy flows through the Strait of Hormuz. Inflationary risks stemming from high oil prices had reduced the prospect of lower borrowing costs, outweighing bullion’s traditional appeal as a haven. Spot gold fell 1.3% to US$4,695.15 an ounce at 9.43am Singapore time.

Source: The Edge Markets April 02, 2026 02:25 UTC