Gold prices fell on Thursday after two sessions of gains as investors awaited clearer signs of progress in efforts to de-escalate the situation in the Middle East.
By 05:55 GMT, spot gold fell 1 percent to $4,476.51 per ounce. U.S. gold futures for April delivery dropped 2.1 percent to $4,457.
Kyle Rodda, senior financial market analyst at Capital.com, stated that in the next 24 to 48 hours, gold prices will move according to news related to negotiations.
He added that significant moves are likely to occur at the beginning of next week when it becomes clear whether the United States will launch a ground invasion of Iran over the weekend.
White House spokesperson Karoline Leavitt said on Wednesday that Trump vows to strike Iran even harder if it does not accept “military defeat.”
