Washington, May 19 (SANA) Gold prices were broadly stable on Tuesday, while oil prices fell after US President Donald Trump announced he had delayed a planned strike on Iran to allow room for negotiations aimed at ending the conflict.
According to Reuters, spot gold slipped 0.1 percent to $4,560.39 per ounce after touching its lowest level since March 30 during Monday’s session. US gold futures for June delivery edged up 0.1 percent to $4,563.50 per ounce.
Trump said Monday that he had suspended the planned attack on Iran to provide an opportunity for talks after Tehran submitted what he described as a new peace proposal to Washington.
Ilya Spivak, head of global macro at Tastylive, said markets were still attempting to find direction as investors assessed geopolitical developments and awaited the release of minutes from the US Federal Reserve meeting.
Among other precious metals, spot silver fell 1.3 percent to $76.63 per ounce, platinum declined 0.5 percent to $1,969.84, and palladium dropped 1.2 percent to $1,401.74.
Oil prices also retreated in early Asian trading, with Brent crude futures for July delivery falling $3.01, or 2.7 percent, to $109.09 per barrel. US West Texas Intermediate crude for June delivery slipped $1.38, or 1.3 percent, to $107.28 per barrel.
Both benchmark crude contracts had climbed to their highest levels in weeks during the previous session amid concerns over escalating tensions in the Middle East.
R.H/R.K
