Precious Metals Fall Again as Trump Declares Iran Peace Accord Dead
President Trump declared the US-Iran memorandum of understanding is now 'over' during the NATO summit in Ankara, triggering price downfall on precious metals, including gold and silver.
President Donald Trump announced that the memorandum of understanding signed with Iran last month is effectively finished, launching an explosive verbal assault on Tehran's leadership while attending the NATO gathering in Ankara, Turkiye.
Due to this recent development, precious metals fall again today on Wednesday trading session in the morning (July 8). Gold is now trading slightly above $4,000 per ounce, while Silver falls to below $58.
Speaking to journalists on Wednesday, Trump characterized the peace framework as "over" and branded Iranian authorities as "scum," following drone strikes on multiple commercial vessels traversing the Strait of Hormuz. The U.S. military retaliated by hitting more than 80 sites across southern Iran, including air defence networks, command centres, coastal radar installations, and over 60 IRGC small boats.
"We attacked very powerfully last night, the very dangerous people from Iran," Trump told reporters, claiming the American response was twenty times more forceful than Tehran's provocation.
Despite his harsh rhetoric, the president did not entirely close the door on diplomacy. He indicated he would consult with his negotiating team, Steve Witkoff, Jared Kushner, and Vice President JD Vance, noting they remain willing to continue discussions. However, he added he personally considered further talks a "waste of time."
Analysts predict that precious metals will continue to fall if the war escalates again, while WTI and Brent prices should slowly go up if there's no end in sight for this escalation.
This recent development was considered a blow for gold and silver, because they recently made slight recoveries, and their prices quickly fell again in the past 2 days.
Related assets: Gold, Silver, Palladium, Platinum