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Gold falls amid Trump's withdrawal from Iran deal

Xinhua,May 10, 2018 Adjust font size:

CHICAGO, May 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell for the third straight session on Wednesday despite U.S. withdrawal from the Iran nuclear deal.

The most active gold contract for June delivery went down 0.70 dollar, or 0.05 percent, to settle at 1,313.00 dollars per ounce.

Energy stocks were boosted by U.S. President Donald Trump's decision on Tuesday to withdraw from the Iran nuclear deal and resume sanctions against Tehran. However, the move failed to push up the futures of gold, viewed as a safe haven asset.

As a result of rallies in energy and financial sectors, U.S. stocks traded higher on Wednesday. The Dow Jones Industrial Average rose 103.51 points, or 0.42 percent by 1633 GMT.

When equities post gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.

Gold got additional pressure from the U.S. Treasury, as yields of the benchmark 10-year note remained above 3 percent while the U.S. dollar stayed firm.

As for other precious metals, silver for July delivery rose 6.7 cents, or 0.41 percent, to settle at 16.539 dollars per ounce. Platinum for July was up 4.5 dollars, or 0.49 percent, to close at 916.60 dollars per ounce. Enditem

 

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