monsitj/iStock via Getty Images Spot gold surged Thursday after President Trump said he canceled planned military strikes against Iran, hours after threatening more attacks and possibly taking the key Kharg Island oil export hub. Bullion rose ~2.5% to $4,169.83/oz, while U.S. Treasury yields, the dollar, and crude oil turned lower after Trump's comments, which eased fears of inflation and elevated...
monsitj/iStock via Getty Images Spot gold surged Thursday after President Trump said he canceled planned military strikes against Iran, hours after threatening more attacks and possibly taking the key Kharg Island oil export hub. Bullion rose ~2.5% to $4,169.83/oz, while U.S. Treasury yields, the dollar, and crude oil turned lower after Trump's comments, which eased fears of inflation and elevated interest rates. Trump said he was canceling the military action because discussions with Iran "have been brought to the highest level of Iranian leadership and approved," and that final points have been approved by all parties involved, although the U.S. naval blockade of the Strait of Hormuz will remain in force until a deal is finalized. "We've seen headlines on a deal many times before and it hasn't come to fruition," TD Securities commodity strategist Ryan McKay said. "But if it turns out to be real, then... it could help support gold off the lows." Earlier Thursday, U.S. economic data showed producer prices rose more than expected in May, a day after data showed consumer inflation also increased at its fastest pace in three years during the month, sparked by surging prices for energy-related products. Gold and silver futures fell in regular trading, with front-month Comex gold ( XAUUSD:CUR ) for June delivery closing down 0.4% to $4,090.30/oz, its low est settlement value since November 21, and the front-month June silver contract ( XAGUSD:CUR ) sliding 1.1% to $63.885/oz, its weakest settlement since December 16. ETFs: ( GLD ), ( GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( DUST ), ( RING ), ( BAR ), ( OUNZ ), ( SGDM ), ( SGDJ ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ) More on gold and silver Gold And Silver Traders Are Rattled, Sell Them Options Commodities: Oil Moves Higher On Latest U.S.-Iran Escalation Why The ETF With The Worst Sharpe Ratio Is Our Top Pick