Gold prices tumbled more than 4% to around $4,660 per ounce on Thursday, abruptly snapping a four-day rally as fading hopes of a swift resolution to the Middle East conflict dented sentiment. In a pivotal address, Donald Trump struck a decidedly hawkish tone, warning of intensified military action over the next two to three weeks'effectively dashing expectations of near-term de-escalation. The rhetoric sparked a sharp rebound in the US dollar alongside a surge in Treasury yields, significantly elevating the opportunity cost of holding non-yielding gold. Simultaneously, a strong rally in oil prices amplified inflationary concerns, further tempering expectations of imminent rate cuts. On the domestic front, MCX June gold futures slid to a low of ₹1, 47,100 per 10 grams, shedding nearly ₹5,000. The broader trend remains decisively bearish, with gold posting steep losses of nearly 9% in March domestically and around 11% in international markets, underscoring persistent downside pressure.

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