U.S. Military Ends 11-Day Consecutive Strikes on Iran, Gold Rises on Ceasefire Expectations
Taylor Wilson
The U.S. military completed 11 consecutive days of strikes on Iran, yet an Iranian missile hit killed two American soldiers — proving Tehran retains real retaliatory power. Markets now bet on renewed talks, pushing spot gold up 0.5% to $4,094.89/oz.
What did the U.S. hit over 11 days?
Targets included military command centers, naval warfare assets, aircraft hangars, drone storage sites, and logistics infrastructure — all aimed at degrading Iran's ability to threaten commercial shipping through the Strait of Hormuz.
U.S. Central Command says Iran has attacked more than 30 commercial vessels transiting the strait, endangering hundreds of sailors and violating freedom of navigation.
This means → Washington's strike logic is "remove Iran's force-projection near the strait," not an all-out war footing.
Has Iran really been "functionally destroyed"?
According to the Wall Street Journal, an Iranian missile strike on Jordan's Muwaffaq Salti Air Base killed two U.S. soldiers — clear evidence that Iran still holds a sizable ballistic-missile arsenal.
Military analysts believe the attack likely used the Kheybarshekan medium-range ballistic missile — a solid-fueled, satellite-guided weapon with a range exceeding 900 miles and a maneuverable re-entry warhead designed to evade air defenses. Iran's Revolutionary Guards also showcased Fattah, Zolfaghar, and other missile types, plus Shahed drones and Paveh cruise missiles.
In plain terms = Defense Secretary Pete Hegseth declared Iran's missile program "functionally destroyed" back in April, but under Senate questioning he walked it back: "We never expected them to stop having capability." Trump himself put Iran's pre-war stockpile at 21% remaining — then added, "that's still a considerable amount."
Why does gold rally on ceasefire talk?
Markets are pricing in renewed U.S.–Iran negotiations. Spot gold rose 0.5% to $4,094.89 per ounce.
Tickmill analyst Joseph Dahrieh explained the chain: ceasefire optimism → easing energy-driven inflation fears → lower expectations of aggressive Fed tightening → support for non-yielding assets like gold. In plain terms = war pushes oil up, oil pushes inflation up, inflation forces the Fed to hike — if the war stops, that chain loosens, and gold benefits.
XS.com analyst Antonio Di Giacomo flagged a technical floor: as long as gold holds above $4,000/oz, prices can grind higher, with $4,100 as near-term resistance.
What is Iran's endgame?
Behnam Ben Taleblu, senior director of the Iran program at the Foundation for Defense of Democracies, says Tehran's strategy is to raise the cost of conflict through attrition, forcing the Trump administration to renegotiate on Hormuz.
He described Iran's approach to the Arab world as a "gradual scorched-earth policy" aimed at pushing the U.S. out of the region, not provoking deeper involvement.
This means → Whether U.S.–Iran talks gain real traction is the key variable for geopolitical risk premiums — if negotiations collapse, the safe-haven bid for gold and oil snaps back.
Content is for reference only, not financial advice.