Gate News update: This week’s heightened geopolitical tensions triggered a selloff in gold. On April 2, U.S. President Donald Trump delivered remarks announcing that in the next two to three weeks the U.S. would carry out “extremely severe strikes” against Iran, threatening to hit Iran’s power plants and oil infrastructure. Spot gold fell 2% to $4,664.39 per ounce, while U.S. gold futures dropped 2.5% to $4,691.10 per ounce, ending four straight days of gains.
The market had initially expected Trump’s tone to be more moderate, and gold rebounded after its worst monthly performance since 2008 in March. However, his tough comments quickly reversed market sentiment. After the speech, Dow Jones index futures fell by more than 260 points, S&P 500 index futures were down 0.7%, and Nasdaq 100 index futures fell 0.8%.
The reasons behind this gold decline are closely tied to the surge in oil prices. Trump’s remarks drove a 7.1% jump in Brent crude to $108.29 per barrel, while West Texas Intermediate briefly surged to above $113. Rising oil prices lift inflation expectations, U.S. Treasury yields, and the dollar exchange rate. Since gold itself produces no yield, its appeal declines as the dollar strengthens. Meanwhile, silver, platinum, and palladium also fell by 4.6%, 2.5%, and 1.4%, respectively, reflecting broad pressure across precious metals.
UBS lowered its 2026 gold average price forecast from $5,200 per ounce to $5,000. Strategist Jonny Trevis said that gold prices may still see volatility over the coming weeks, but the year-end target remains $5,600 per ounce. In addition, Trump signed an executive order imposing high tariffs on products made entirely of aluminum, steel, or copper. This pushed aluminum prices to a near four-year high. On the London Metal Exchange, copper rose 0.8% to $12,434.50 per metric ton.
Investors need to watch how Middle East geopolitical risk can have cascading effects on the trajectory of precious metals and the U.S. dollar, as well as the market volatility pressures stemming from oil prices and tariff policies. This will directly affect gold and related metals’ short-term trading and investment decisions.
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