Gold rises as Trump Iran warning deepens war fears

NEW YORK, Nov. 6, 2026 (GoldSquawk) - COMEX gold futures rose as much as $16.60 an ounce after President Donald Trump said the United States may have to “destroy” the rest of Iran, a warning Al Jazeera reported at 00:16 UTC that intensified Middle East tensions after an earlier comment that he would rather avoid doing so if possible.

For traders, the remarks mattered because Reuters said renewed tension around Iran and moves in oil were feeding inflation concerns that supported gold, while AP reported that analysts saw a risk of higher energy prices and broader market stress if the conflict escalated further.

Trump shifts to a harder Iran message

Before the first headline on Trump’s Iran remarks at 21:31 UTC, COMEX gold futures were at $4,098.50, and they later touched $4,115.10 at 00:31 UTC, according to exchange futures data.

The initial 21:31 headline, citing Clash Report, said Trump would “rather not destroy the rest of the country if possible”. Axios separately reported on Nov. 5, 2026, that Trump told reporters in the Oval Office the U.S. would soon decide whether to resume “all-out war” in Iran and quoted him as saying, “I would rather not destroy the rest of the country if possible, but maybe I will have to”.

By 00:16 UTC, Al Jazeera reported a sharper formulation, saying Trump warned the U.S. may have to “destroy” the rest of Iran and that people would “know soon enough”. Al Jazeera said Trump also suggested that rebuilding would take 25 years if he acted, framing the comments within its live coverage of the Iran war and diplomatic efforts around it.

AP reported on Nov. 5, 2026, that Trump had also said, “If we have to do the rest of the Iran thing, we’re very much locked in,” and said U.S. and regional officials were watching whether he would be more willing to restart strikes after the midterm election loss.

Why bullion reacted

Reuters said the market’s main read on the Iran story was that escalation risk could work through oil and inflation, a channel that was helping to support gold prices. Reuters also said Trump’s earlier threats about Iranian infrastructure had already exacerbated tensions, keeping traders focused on geopolitics rather than only on macro data.

That broader concern was echoed by AP’s reporting. AP cited Brian Haggerty, a former CIA analyst now with Defense Priorities, saying Trump may feel less restrained after the election even if the strategic logic of escalation had not changed, and it cited former assistant secretary of state David Schenker saying one option was additional strikes on Iranian infrastructure, though that would likely worsen oil and energy prices.

Gold had already been trading on that theme earlier in the week. Kitco reported on Nov. 3, 2026, that investors were positioning around the U.S. midterm elections and renewed Iran and Strait of Hormuz tensions, with gold supported by geopolitical risk as markets watched whether the election result would constrain Trump’s next move. COMEX gold had settled near $4,073.10 an ounce on Nov. 4, 2026, up $132.90 on the day, according to settlement data.

Focus turns to payrolls later Friday

Later on Friday, Nov. 6, 2026, COMEX gold futures fell back to $4,054.60 by 07:13 UTC after reaching their overnight peak, according to exchange data. The next scheduled catalyst for traders is the 13:30 UTC U.S. labour-market release, where Forex Factory consensus showed forecasts for non-farm employment growth of 65,000, an unemployment rate of 4.2%, and average hourly earnings growth of 0.3% month on month.