Gold Falls 1.7%, Silver Drops 2.8% on Trump
By Sofia Gabriela Martinez
Published on April 3, 2026.
The US President's hawkish speech on Iran led to a 1.7% fall in gold as the dollar strengthened as a safe haven due to President Trump's promise of "extremely hard" strikes on Iran without an end date. Gold fell nearly $250 from session high to low, while silver dropped 2.8% following the announcement. The dollar, not gold, is the preferred safe haven in this war, as the market reads prolonged war as higher-for-longer U.S. rates and stronger energy revenues for U.K. producers. Gold's traditional crisis bid has been displaced by the dollar and oil itself. Silver's industrial demand story is also fracturing under war conditions due to disrupted Asian supply chains and high energy costs. Despite this, UBS maintains its bullish outlook and forecasts new highs for gold this year.
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