Gold prices fell after President Donald Trump said Iran “seems to be standing down,” easing fears of further hostilities that spurred the metal’s earlier rally.
Trump said no Americans were harmed by an Iranian missile attack on U.S. bases in Iraq early Wednesday. Iran’s restraint and Trump’s measured remarks in response suggest a path toward easing tensions with Tehran, which surged after the killing of a top general, Qassem Soleimani.
The precious metal earlier climbed above $1,600 an ounce, extending its rally to a six-year high, after Iran launched more than a dozen missiles at U.S.-Iraqi airbases. Palladium also soared to a fresh record “Gold essentially responded to risk-off environments,”
Gold’s decline 1.53% to $1547.75 an ounce, “is a reaction
to the Iranian attack that now appears clearly to be a de-escalation, and
Trump’s team seems to be clearly reading it that way,”
0 Comments