Gold prices fell amid risk aversion following Trump's speech.

Senior commodity strategist Daniel Hynes of ANZ Bank said that after Trump's speech, any hope for clear guidance on how the Iran conflict will end was shattered. "This has hit risk appetite," he said. In a risk-off sentiment, gold is falling as investors fear that rising oil prices will push up inflation, leading to fewer rate cuts or even possible rate hikes. "While gold may still be influenced by market risk appetite levels, I do believe that the market focus is shifting from monetary policy outcomes to economic outlook," Hynes said. He said that this should ultimately provide support for gold. Spot gold fell 1.7% to $1,677.48 per ounce.