Gold, silver rates today: Comex gold drops $233/oz; silver falls $6.4/oz as Trump signals escalation in Iran conflict

Precious metals retreated sharply after US President Donald Trump signalled a major escalation in the Iran conflict, erasing hopes of a near-term resolution to the over month-long war in West Asia.

Fears of prolonged inflation and possibly higher interest rates once again dented investor confidence in safe-haven assets, causing Comex April gold futures to crash $233 per troy ounce to the day’s low of $4,580, erasing most of their recent gains and putting them on track to end a four-day winning run.

May silver futures on Comex also reversed recent gains, falling $6. 40 per troy ounce to touch the day’s low of $69. 61 earlier in the session. In the domestic market, April gold futures on MCX crashed ₹6,608 per 10 grams to reach the day’s low of ₹1,47,100.

May silver futures on MCX also slipped ₹19,001 per kilogram, falling below ₹2. 25 lakh to hit a low of ₹2,24,500.

Trump says Iran will be hit hardIn his latest address on the Iran war, Trump said US forces would continue to strike Iran “very hard” over the next two to three weeks and bring the country “back to the Stone Ages.

” He also touted the success of US operations, arguing that Washington’s objectives have so far been met or exceeded.

Investor confidence had been building ahead of Trump’s speech after he earlier said he foresaw the US ending the war with Iran within two to three weeks, regardless of a ceasefire or a deal to reopen the Strait of Hormuz.

However, the shift in tone in Trump’s speech dampened hopes for a quick resolution to the conflict, signalling that tensions in the region could intensify further and energy supply disruptions may persist, which could potentially force global central banks to tighten monetary policies.