Gold Falls to One-Week Low on Trump’s Iran Remarks

2026-07-08 15:12 By Joana Ferreira 1 min. read

Gold extended its decline to around $4,030 an ounce on Wednesday, touching its lowest level since July 2 after US President Donald Trump declared the interim peace agreement with Iran "over." His remarks sent oil prices surging more than 5%, fueling concerns that higher energy costs could stoke inflation and keep US interest rates elevated.

Speaking at NATO's summit in Ankara, Trump said he had no interest in further engagement with Iran and warned that Washington would likely carry out additional strikes later on Wednesday.

His comments marked another sharp shift in a conflict where rhetoric from both the US and Iran has repeatedly oscillated between military escalation and diplomatic overtures.

Markets are now pricing in at least one Federal Reserve interest rate hike by the end of 2026.

Meanwhile, China's central bank reported its largest monthly increase in gold reserves in more than two and a half years in June, underscoring continued official-sector demand for the precious metal.



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