Gold, silver fall as dollar rises after Trump speech

June gold futures were down 1.87%, or $89.8, at $4,723.3 per ounce

Gold and silver prices fell in early Thursday trade as the dollar resumed its upward trend following remarks by US President Donald Trump that heightened concerns over a worsening situation in the Middle East.

June gold futures were down 1.87%, or $89.8, at $4,723.3 per ounce as of 05:07 a.m. Makkah time, after rising 2.87% in the previous session.

Spot gold fell 1.31% to $4,694.69 per ounce, while silver dropped 3.28% to $72.65 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, rose 0.22% to 99.866.

The move came after Trump said in a speech that strikes on Iran would be intensified over the next two to three weeks, even as he indicated military operations were nearing completion and objectives would be fully achieved.

Trump also said the United States has ample oil supplies and called on countries seeking to reopen the Strait of Hormuz to act on the issue, adding complexity to the outlook for global energy supply disruptions.