Gold Prices Turn Lower on U.S.-Iran Talks, Strong Retail Sales Data
Investing.com - Gold prices fell on Wednesday in Asia on hints that the U.S. and Iran may be willing to hold talks.
Retail sales gained 0.4% in June, outpacing consensus forecasts for a 0.1% advance. The data sparked buying interest in the U.S. dollar and pushed Treasury yields higher, which in turn put pressure on the yellow metal.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange, fell 0.3% to $1,406.75 a troy ounce by 12:36 AM ET (04:36 GMT). The precious metal had been trading higher ahead of the retail sales data but fell following the retail sales release.
Separately, news that U.S. President Donald Trump and his administration were looking at talks with Iran lowered safe-haven demand today.
Multiple reports cited U.S. Secretary of State Mike Pompeo as saying "for the first time" Iranian officials "are ready to negotiate on their missile program."
On the Sino-U.S. trade front, Trump said the United States has a long way to go to conclude a trade deal with China, but could impose tariffs on an additional $325 billion worth of Chinese goods if needed.
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