Gold prices’ losses tempered by concerns about nuclear Iran
Gold prices were losing value on Thursday as the precious metal followed the downward tack of the shared currency of the European Union, Reuters reports.
But the drops were tempered by the standoff between Iran and its nuclear program and western nations that are challenging the oil-rich nation's weaponry aspirations. The precious metal remains north of the threshold price of $1,600 per troy ounce.
"Gold is not able to go much higher because the dollar is up, but at the same time we have the uncertainties from the oil market … which should be lending a hand," senior manager Ole Hansen with Saxo Bank told Reuters. "We may need to see a bit more stabilization in prices before the market starts to look towards more gains."
At 7:32 a.m. on Thursday, gold prices climbed 0.25 percent, a $4.10 rise to $1,616.80 per troy ounce.
The European Union's 27 member nations are embarking on the process of establishing a pact to ban acquisitions of oil from Iran as one strategy of cutting off funding for Iran's drive toward nuclear weapons, according to The Associated Press.
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