Prices Of The Safe-Haven Gold
Prices Of The Safe-Haven Gold Failed To Sustain Early-Session Gains Following News That The U.S. Will End Iran Sanctions Waivers.
Gold Futures For June Delivery, Traded On The Comex Division Of The New York Mercantile Exchange, Were Down 0.2%, At $1,275.45 Per Ounce By 1:33 AM ET (05:33 GMT).
White House has decided not to extend waivers for all oil buyers that previously allowed them to purchase of some Iranian crude, according to a statement.
The announcement stoked risk aversion and sent prices of the precious metal up initially.
U.S. Secretary of State Mike Pompeo said the decision to end the waivers was “dramatically escalating our pressure campaign in a calibrated way that meets our national security objectives while maintaining well-supplied global oil markets”.
The Trump administration’s objective, Pompeo said, was to prompt Iran to renegotiate the international agreement halting its pursuit of nuclear weapons, halt its ballistic missile tests and end its support for terrorist groups
Gold prices were under pressure last week as investors return to the risk-on mode from the rally on Wall Street, upbeat Chinese economic data and improved consumer sentiment in Germany.
The U.S. dollar index that tracks the greenback against a basket of other currencies was near flat at 97.007
U.S. existing home sales fell more than expected in March amid supply constraints, data released overnight showed.
Looking ahead, Friday’s data on the U.S.’s first-quarter growth is expected to receive some attention.
U.S. housing data, durable goods and consumer sentiment are also due later this week.
Trade talks between the U.S. and Japan remained in focus as Japanese Prime Minister Shinzo Abe flies to Washington this week to meet U.S. President Donald Trump.