Gold prices fell on Thursday in Asia as U.S. President Donald Trump opted to impose new economic sanctions on Iran rather than call for military action against the Islamic Republic., stoking hopes that tensions between the two nations will ease.
Gold futures traded 0.3% to $1,555.25 per ounce by 1:10 AM ET (05:10 GMT).
In a speech following Iran's strikes on several U.S. military bases, Trump said Iran appeared to be “standing down,” calling it a “good thing for all parties concerned.”
Global equities recovered following his comments, while prices of the safe-haven gold fell.
Gold prices began to lose momentum yesterday when Iran said it had "concluded" the attacks for now, while Foreign Minister Mohammad Javad Zarif tweeted that the country does "not seek escalation or war".
Source : Investing.com