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Gold climbs over 1% as oil drops on US-Iran interim deal
Gold rose more than 1% on Thursday, recouping losses from the previous session, as a drop in oil prices following a US-Iran interim agreement dampened inflation expectations and supported bullion. Spot gold was up 1.4% at $4,316.42 per ounce, as of 0242 GMT, after declining 1.7% on Wednesday. U.S. gold futures for August delivery fell 1% to $4,336.70. “It’s a bit of short position unwinding (in gold) given yesterday’s steep fall and the reason for the short unwinding is also due to the positive news coming out from the Middle East, which has caused oil prices to fall,” said Kelvin Wong, a senior market ... (full story)
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- Jun 17, 10:59pm | 4 hr ago Posted byFundamental Analysis75
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