Gold little changed as fears of larger U.S.-Iran conflict ease

 Gold little changed as fears of larger U.S.-Iran conflict ease

(Reuters) - Gold prices were steady on Thursday, retreating from the near seven-year peak hit in the previous session, as a softening rhetoric by the United States and Iran allayed concerns of a larger military conflict.


** Spot gold was unchanged at $1,555.51 per ounce by 0031 GMT. Prices hit their highest since March 2013 at $1,610.90 on Wednesday. U.S. gold futures fell 0.3% to $1,555.90.

** President Donald Trump said on Wednesday the United States did not necessarily have to respond militarily to Iran's attack on military bases housing U.S. troops in Iraq.

** Iranian Foreign Minister Mohammad Javad Zarif said the strikes "concluded" Tehran's response to the killing of top military commander Qassem Soleimani.

** U.S. private payrolls increased by the most in eight months in December, pointing to sustained labour market strength.

** The World Bank on Wednesday trimmed its global growth forecasts slightly for 2019 and 2020 due to a slower-than-expected recovery in trade and investment despite cooler trade tensions between the United States and China.

** The Perth Mint's gold product sales in December rose to their highest in more than three years, the refiner said on Wednesday, citing higher demand from Germany.

** Holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust fell 1.05% to 886.81 tonnes on Wednesday.

** Elsewhere, palladium edged up 0.2% to $2,108.31 an ounce, trading near the all-time peak of $2,108.81 hit in the previous session on supply concerns.

** Silver gained 0.2% to $18.12 per ounce, after hitting its highest since September at $18.85 on Wednesday, while platinum inched up 0.1% to $954.26.

(Reporting by Sumita Layek in Bengaluru; editing by Uttaresh.V)

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Updated Date: Jan 09, 2020 07:07:36 IST