Gold prices declined by over 3% to $4,632.5 per ounce on Wednesday after US President Donald Trump failed to offer certainty over the US-Iran war. At one point, Trump said the war could end in a few weeks, but in the next moment, he warned of hitting Iran 'extremely hard' before pulling back.
Trump's speech 'basically framed the conflict as a military success story, not a ceasefire announcement,' said Oversea-Chinese Banking's Christopher Wong. 'Gold had an impressive run-up to a $4,800 intra-session high. From here, the momentum may moderate given the possible curtailment of risk appetite on fears of a US ground operation in Iran.'
