Gold prices surged sharply on Thursday morning as energy markets jolted higher following fresh Iran-related rhetoric from U.S. President Donald Trump, briefly sending oil prices up by as much as 5% intraday and reigniting demand for hard-asset hedges. The remarks brought geopolitical risk back into oil markets that had recently been driven mostly by macro trends and inventory data, refocusing attention on Middle East supply risks. Gold followed oil higher as investors moved to hedge against renewed volatility tied to energy prices. The price action highlighted how closely gold has become tethered to energy-driven risk signals rather than purely monetary ones. Oil price shocks have added to the move, reviving fears that inflation pressures could re-emerge rather than continue to fade.