Gold Rebounds As Dollar Dips From Recent Highs

(RTTNews) - Gold rebounded after three days of losses to hold above $4,100 an ounce on Thursday after the U.S. military attacked Iranian targets for a second straight day and President Donald Trump said the flare-up will end very quickly. Spot gold rose 0.7 percent to $4,105.77 an ounce while U.S. gold futures were up 0.9 percent at $4,117.20.

The dollar dipped from recent highs while Treasury yields were steady after the FOMC minutes from the June 16-17 meeting reinforced the central bank's cautious stance.

On the geopolitical front, U.S. airstrikes hit about 90 targets across Iran over the past two days as Tehran targeted Gulf states.

In a social media post, the U.S. Central Command said the additional strikes were launched "to further degrade their ability to threaten freedom of navigation in the Strait of Hormuz."

In an earlier post, CENTCOM said more than 20 U.S. Navy warships were patrolling waters across the Middle East.

President Donald Trump claimed any renewed fighting with Iran would end very quickly and that the U.S. is not looking for a long-term war.

"I don't think it's going to start again. If they hit, we hit ten times harder. Anything that happens will get over very quickly and we'll make things safer, even for oil," Trump said.

Oil prices were slightly lower today after surging nearly 8 percent in the previous session on escalating hostilities in the Middle East.

Growth concerns also returned to the fore after the International Monetary Fund (IMF) cut its 2026 global growth forecast to 3.0 percent from 3.1 percent in its April forecast, reflecting the effects of the war in the Middle East.