Tuesday, 26 October, 2021


Gold Prices Dip As US-Iran Tensions Ebb

Gold Prices Dip As US-Iran Tensions Ebb Gold Prices Dip As US-Iran Tensions Ebb
Conrad Doyle | 09 January, 2020, 18:37

Others, like Canadian bank-backed brokerage TD Securities, said the 2020 gold rally "is still in its early days", pointing to the market's improving technical picture despite the yellow metal's seemingly overbought levels.

Spot gold jumped as much as 2.4% to US$1,611.42 an ounce, the highest since 2013, and was at US$1,593.86 at 5.49am in London. US gold futures fell 0.4% to $1,553.70 per ounce.

"The subsequent rhetoric seems to suggest that they (Iran) are not going to follow on, similarly Trump signalled that there is no immediate intent to respond militarily, so there is a degree of relief in markets", said Ilya Spivak, a senior currency strategist at DailyFx.

"We did not see an immediate escalation, although it would not be accurate to say that it can not happen, there is that risk".

Gold prices slid after having risen as much as 2.4% early on Wednesday to break above the key $1,600 level after Iran's retaliatory attacks on military bases housing US troops in Iraq.

However, concerns of a larger Middle East conflict eased after President Donald Trump later on Wednesday said the United States did not necessarily have to respond militarily to Iran's attack on U.S. troops in Iraq, triggering a sell-off in safe-haven gold.

However, risks of escalating tensions persisted, with the United States denying a visa to Iranian Foreign Minister Mohammad Javad Zarif that would have let him attend a United Nations Security Council meeting in NY on Thursday.

Gold prices inched lower on Tuesday, a day after hitting their highest in almost seven years, with a lack of immediate escalation between the United States and Iran denting bullion's safe-haven appeal.

Limiting gold's advance, Asian stocks rallied on the easing concerns of conflict.

Markets are now eyeing key US economic data such as the non-farm payrolls and unemployment data on Friday.

Gold price: Holding of SPDR Gold Trust, rose 0.10% to 896.18 tonnes on Monday.

Palladium hit an all-time peak of $2,032.94 an ounce earlier in the session on supply concerns and was last down 0.1 per cent at $2,028.90.

The March silver contract on COMEX was up 0.3% at $18.45 an ounce and had hit a four-month high of $18.895. We hope that we have succeeded by giving you the full details and information.

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