Commodity News
HeadLine : Gold slips from near 7-year high as U.S.-Iran tensions ease
Date : Jan 7 2020
Gold prices inched lower on Tuesday, a day after hitting their highest in nearly seven years, with a lack of immediate escalation between the United States and Iran denting bullion's safe-haven appeal. Spot gold fell 0.2% to $1,562.81 per ounce. In the previous session, prices hit their highest since April 2013 at $1,582.59. U.S. gold futures fell 0.2% to $1,566.00. Asian shares rebounded after there was no further escalation in Middle East tensions. Providing limited support to gold, Defense Secretary Mark Esper said on Monday the United States has no plans to pull its troops out of Iraq, following reports of an American military letter informing Iraq officials about the repositioning of troops in preparation to leave the country. Tanzania's earnings from gold exports rose 42% year-on-year in the year to November, helped by higher prices and volumes shipped, the central bank said on Monday. Goldman Sachs on Monday maintained its three-, six- and 12-month forecast for gold at $1,600 per ounce, contending safe-haven bullion to be a better hedge than oil during phases of geopolitical uncertainty.

Source : Investing

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