Nov 12 (Reuters) - Gold prices slid 3% on Thursday, extending losses for a third straight session to hit a more-than-one-year low, as oil prices climbed on fading hopes for peace in the Middle East that spurred fears of higher inflation and elevated interest rates.
Spot gold dipped 2.7% to $3,880.93 per ounce by 1:53 p.m. ET (1855 GMT), having touched its lowest level since October 2025 earlier in the session.
US gold futures for December delivery settled 2.9% lower at $3,885.30 per ounce.
US President Donald Trump said on social media that the US did not need a deal with Iran, quashing hopes of a deal to end the conflict.
Oil rose, fanning inflationary concerns and expectations that the US Federal Reserve could keep interest rates higher for longer.