ISTANBUL

Gold prices fell on Thursday, ending a four-session winning streak, after US President Donald Trump signaled a tougher military stance against Iran.

Spot gold was down 2.7% at $4,631.25 per ounce as of 0810 GMT, after rising as high as $4,800 earlier in the session. US gold futures also declined 3.1% to $4,664.15 per ounce.

The decline came as investors reacted to Trump’s remarks that Washington would intensify military operations against Iran over the next “two to three weeks,” while reiterating that the US would not allow Tehran to obtain nuclear weapons.

“We’re going to hit them extremely hard over the next two to three weeks,” Trump said, marking a sharp shift from earlier comments this week suggesting US forces could leave Iran within a similar timeframe even without a formal agreement.

Other precious metals also posted steep losses, with silver falling 4.8% to $71.49 per ounce.

Markets remained highly sensitive to changing rhetoric around the Iran conflict, as investors reassessed the geopolitical outlook and safe-haven demand.