Gold Breaks $4,400 to Hit Record High

Gold prices slid more than 4% to around $4,580 per ounce on Thursday, ending a four-day gain, as the US dollar rebounded after President Donald Trump offered no definitive timeline for ending the Middle East conflict. In his remarks, Trump said Washington’s core strategic objectives in Iran were approaching completion but also warned that the military campaign could continue with more intense action over the next two to three weeks, a stance that strengthened the US dollar. The greenback has recently emerged as a safe-haven asset, putting pressure on dollar-denominated precious metals. Oil prices also resumed their advance, reinforcing inflation concerns and expectations of tighter monetary policy. Traders have fully priced out the prospect of US rate cuts in 2026, a stark reversal from pre-war expectations of two cuts.

Gold prices edged above $4,790 per ounce on Thursday, holding onto a four-day gain near a two-week high, supported by a retreat in the US dollar amid hopes for a resolution to the Iran conflict. President Donald Trump appeared to signal a possible end to the US military operation in Iran, with attention now turning to his rare prime-time address later today, after more than a month of conflict. A White House official said he is expected to outline a two- to three-week timeline for concluding the operation. These developments helped oil prices pull back from recent highs and the dollar index retreat from a ten-month peak reached earlier this week. Gold has risen more than 6% so far this week, its largest gain in 10 weeks, as traders reassess the Federal Reserve’s monetary path, weighing the potential de-escalation of geopolitical tensions against renewed growth concerns and inflation worries.

Gold prices rose above $4,730 per ounce on Wednesday as bullion drew support from a retreating US dollar on signs of potential de-escalation in the Middle East. President Donald Trump stated that Iran requested a ceasefire, though he noted the US will only consider the deal once the Strait of Hormuz is fully operational and threatened further escalation if vessel attacks continue. These developments tempered the urgency for safe haven assets and helped pull oil prices back from recent highs while the dollar index retreated from a ten-month peak reached on Monday. Still gains were capped as the 10-year Treasury yield halted its decline following a 37bps rise in March amid fresh data showing the private sector added 62K jobs and retail sales grew by 0.6%. Despite the plunge of more than 13% in March gold remains sensitive to the Federal Reserve keeping rates unchanged this year as traders weigh a resilient US economy against shifting geopolitical volatility.