Gold prices saw the lowest level sicne October 2025 following Trump’s comments on Iran deal cause concerns.
Gold prices dropped more than 2.9% to around $3,870 an ounce on Thursday with expectations of further monetary tightening by the Fed and rising oil prices.
On Thursday President Donald Trump said the US does not need a deal with Iran and redirected Vice President JD Vance towards domestic priorities, away from negotiations with Tehran.
Silver prices also dropped by 3.2% to $50 per ounce.
Energy commodities, meanwhile, soared as Brent futures increased by 1.9% to around $95 a barrel and EU gas index jumped by 8.3%.