Ammon News - Gold retreated from two-week highs ‌on Thursday after U.S. President Donald Trump said that Washington would continue its military campaign in Iran in the coming weeks, pushing crude prices sharply higher and dampening hopes of interest rate cuts.

Spot gold was ​down 2% at $4,664.39 per ounce, as of 0439 GMT, snapping a four-day winning streak, while ​U.S. gold futures slid 2.5% to $4,691.10.

The pullback followed bullion's climb to its highest ⁠level since March 19, prior to Trump's remarks.

In a prime-time address to the nation ​late on Wednesday, Trump said the United States would carry out aggressive strikes on Iran over ​the next two to three weeks and was nearing "completion of its main strategic objectives" in the conflict.

Meanwhile, Brent crude surged more than 6% after Trump indicated continued targeting of Iran's energy infrastructure, raising supply concerns.

Gold had already been under pressure, dropping 11% in March, its worst ​monthly performance since ​2008, following the outbreak ⁠of the Iran conflict on February 28. The surge in oil prices has fuelled inflation concerns, complicating the Federal Reserve's monetary policy ​outlook.

In other metals, spot silver fell 4.6% to $71.67, platinum dropped 2.5% to $1,914.61 and palladium shed 1.4% to $1,451.92.

Reuters