After Trump's speech, gold prices plummeted sharply, and silver declined in tandem.

Spot gold broke below the $4,700 level, falling nearly 2% at the time of writing; spot silver dropped over 2%, touching $73 per ounce downward.
Earlier, international gold prices climbed steadily this week, rising to the $4,800 mark. Just minutes after Trump's speech, a "free fall" ensued, with prices dipping as low as around $4,649—showing a pulse-like pattern of "quick in, quick out" from bullish and bearish funds, with volatility significantly amplified.
While claiming to have "achieved a decisive victory," he also promised to "launch extremely fierce strikes in the next two to three weeks," completely erasing a clear timeline for ending the war. Investors are forced to reprice geopolitical risk premiums. Market bets on a Fed rate cut before December have sharply dropped from about 25% to just 12%.
"Disastrous remarks have shattered global markets." The Japanese stock market plunged 1,200 points, South Korean stocks fell over 4%, U.S. stocks opened with a sharp decline, and Asia-Pacific markets turned red across the board—only oil prices surged dramatically.
Gold is traditionally a safe-haven asset, but with crude oil soaring past $106, inflation re-emerging, the Fed's rate cut window narrowing, and the appeal of interest-free assets being reassessed, the logic of geopolitical risk pricing is fracturing. The "safe haven" status of precious metals is being put to the test.
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