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Trump delivers a speech, gold and silver plunge, oil prices surge 4%
How does a 4% surge in oil prices reflect market expectations about the Middle East situation?
According to CCTV News, on April 1st local time, U.S. President Trump delivered a speech, claiming a “quick, decisive, and overwhelming victory” in the Iran conflict.
According to 21st Century Business Herald, during Trump’s speech on the Iran situation, spot gold shifted from gains to declines, falling 0.6% to $4,728.79 per ounce.
At 9:07, COMEX silver futures plummeted over 3%, currently at $73.75 per ounce.
At 9:19, Brent crude oil futures expanded their gain to 4%, reaching $105.25 per barrel.
At 9:27, spot gold’s intraday decline widened to 1%, at $4,707.81 per ounce.
Sources: CCTV News, 21st Century Business Herald
Trump delivered a nationwide speech, claiming “victory” himself, and said there will be stronger strikes on Iran in the coming weeks.
Trump once again urged countries to “grab oil” in the Strait of Hormuz. Oil and gas stocks surged broadly, with Beiken Energy hitting the daily limit up.