Gold Slips Following Iran Nuclear Deal

by Christopher Freeburn | November 25, 2013 4:50 pm

Gold Silver GLD IAU SLV[1]Gold fell slightly in Monday trading as investors digested an interim agreement between Iran and six world powers, including the U.S., which appeared to defuse tensions in the Middle East, reducing the metal’s appeal as a safe haven investment.

The agreement eases sanctions on the Islamic republic for six months while negotiators continue to work out a broader deal meant to prevent Iran from obtaining a nuclear weapon. Under the deal, Iran will be able to sell up to one million barrels of oil a day on the world market. Crude oil prices sank on news of the deal.

Gold futures for December delivery dipped 0.2% to $1,241.20 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,248 and as low as $1,225.70. Bullion closed in London at $1,252, according to BullionVault[3].

Silver futures for December edged up two cents $19.88 per ounce. Monday’s high for silver was $20.02, while the low was $19.57.

Metal funds gained on Monday.

Mining ETFs sank during the day.

Gold stocks mostly moved higher on Monday.

Silver mining shares mostly advanced during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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