Gold Investing Price Falls on Selling, Iran Nuke Deal Posted by James Randolph on November 25, 2013
Gold is down $8.30 today after news broke that Iran has agreed to de-escalate its nuclear program. Iran’s lofty nuclear ambitions have been a thorn in the side of the international community and provoked many nations, including the United States, to impose sanctions of the middle-eastern country. Iran’s economic sanctions will be greatly reduced now that the unexpected agreement with Russia and the United States has been made official, although some have voiced concern over Russia’s recent support of Iran in other matters.
The supposed elimination of one of the world’s most polarizing controversies pushed gold and other safe-haven assets down, and oil fell significantly on the news that Iranian oil would soon be hitting the global market. U.S. stocks rose on the news, as did the dollar index, but gold continued last week’s fall with an $8.30 decrease to $1238.60 as of 11am EST.
Gold’s refusal to stay above $1250 sparked some technical selling as some investors worried that gold could breach the $1200 per ounce mark, but the snowball effect of falling prices seemed to stop mid-morning as bargain-hunters picked up the slack left by sellers and gave gold some stability around $1235-$1240, at least for the time being. Short-term forecasts are hazy as fluctuation is expected to be high this week, and in addition to providing you with access to the gold spot price 24/7/365 Certified Gold Exchange is also proud to offer exclusive insights on the gold market via these gold market updates so subscribe for regularly-updated reports.