Gold Surges Above $4,400 as Trump's Comments Ease Inflation Fears

Gold prices rose above $4,400 an ounce for the second day in a row on Thursday, following comments from US President Donald Trump that eased inflation concerns. Spot gold climbed 1% to $4,427.09 an ounce at 11:46 am in Singapore.

The increase in gold prices comes after Trump said that the latest attacks on Iran would likely be short-lived, halting oil's rally and easing fears of faster inflation. A weaker greenback also made gold more appealing for investors holding other currencies.

Gold has been on a volatile run this year, setting a record in January before a four-month slump. Prices have since rebounded as investors tracked the conflict in the Middle East and gauged whether the Federal Reserve would need to tighten policy.