Gold prices rose to $4,470.70 on Thursday, September 3, 2026, after President Trump's 'very heavy attack' on Iran lifted bullion demand while Brent crude topped $97 on Strait of Hormuz supply risks.
Brent is trading above $97 a barrel as the U.S. and Iran compete for control over the Strait of Hormuz after Washington's 'very heavy attack' on Iran. The attack raises the risk of supply disruptions through the chokepoint, supporting crude prices.
Brent is trading over $97 as the U.S. and Iran both seek control over the Strait of Hormuz after Washington carried out a 'very heavy attack' on Iran, raising supply disruption risk.
If Trump's signal that the attack won't take 'too long' proves accurate, the geopolitical risk premium could unwind quickly and Brent could fall back below $97.
GC=F December futures opened at $4,436.40 per troy ounce, up 0.5%, and traded at $4,470.70 by 6:53 a.m. ET. Trump's 'very heavy attack' on Iran and his comment that it would not last long kept geopolitical risk in focus, lifting gold despite a 3.8% weekly drop. The article also notes Goldman Sachs still expects a gold rally this year.
Gold futures opened at $4,436.40 per troy ounce, up 0.5% from Wednesday's close, and traded at $4,470.70 by 6:53 a.m. ET.
Gold's opening price is up 24.8% year over year and 8.6% month over month; year-over-year growth has cooled from 95.6% on Jan. 29.
Gold futures opened at $4,436.40 per troy ounce, up 0.5%, and reached $4,470.70 by 6:53 a.m. ET after President Trump described a U.S. 'very heavy attack' on Iran while signaling it would not last long. Traders read the comment as a sign the escalation will be contained, supporting bullion despite a 3.8% weekly drop. Brent crude held above $97 a barrel as both sides vie for control over the Strait of Hormuz.
Traders are weighing the immediate risk from Washington's 'very heavy attack' on Iran and the threat to the Strait of Hormuz against Trump's comment that the operation would not take 'too long.' That uncertainty is lifting gold this morning, with futures up 0.5% to $4,436.40.
Trump said the U.S. carried out a 'very heavy attack' against Iran but added that it wouldn't take 'too long,' which traders took as a hopeful sign that the escalation will be short-lived.
Brent is trading above $97 a barrel as Iran and the U.S. seek control over the Strait of Hormuz, raising the risk of supply disruption through one of the world's key oil chokepoints.