Overview
- Gold spiked toward $4,475 before easing to roughly $4,417 after President Trump prolonged his ultimatum on Iran’s Hormuz blockade to April 6 and claimed talks were going well.
- Iran publicly denied any talks with Washington, keeping geopolitical risk high and price swings sharp.
- Prices remain far below January’s record near $5,600, with a low near $4,100 earlier in the week and a double‑digit drop since the war began.
- Analysts say gold has acted more like a risk asset as rising 10‑year Treasury yields near 4.45% and a stronger dollar draw money to interest‑paying or dollar‑denominated havens.
- Flows have added pressure, with profit‑taking after the peak and a reported two‑week sale and swap of about 60 tons by Turkey’s central bank, while outlets tally the slide differently—ABC cites a 13% drop since hostilities and the Globe reports a 27% fall from January’s peak.