Gold falls nearly 4% as war outlook reassessed

April gold futures dropped 3%, or $136, to $4,416.3 an ounce

Gold and silver prices declined on Thursday, weighed down by a stronger US dollar and rising oil prices, as investors reassessed prospects for a ceasefire in the Middle East.

Gold futures for April delivery fell 3.86%, or $176, to $4,376.30 per ounce.

Silver futures for March delivery dropped 6.48%, or $4.69, to $67.671 per ounce, after posting gains over the previous two sessions.

The move came as a stronger dollar and higher oil prices kept inflation concerns elevated, reinforcing expectations that major central banks will maintain tight monetary policy.

Separately, U.S. President Donald Trump cast doubt on the likelihood of a deal with Iran, saying he was uncertain whether Washington was willing to strike an agreement at this time.