Spot gold fell 2% to $4,665.07/oz as Trump warned of a hard strike on Iran.
U.S. gold futures dropped 2.5% to $4,692.67/oz while oil prices surged to $114/barrel, boosting dollar safe‑haven demand.
UBS cut its 2026 average gold price forecast to $5,000 from $5,200, keeping the year‑end target at $5,600.
New Section 232 tariffs impose 50% duty on pure aluminum/steel/copper articles and 25% on derivative products, pressuring base metals.