WASHINGTON (dpa-AFX) - Gold prices traded lower on Tuesday after reports emerged that Iran is seeking to ease tensions with Israel and is open to resuming nuclear negotiations with the U.S., provided Washington refrains from supporting Israeli military actions.
Spot gold slid 0.2 percent to $3,379.86 per ounce in European trade, after having suffered the biggest single day decline in a month the previous day. U.S. gold futures were down half a percent at $3,399.45.
Top diplomats from Britain, France and Germany have called on Iran to quickly return to the negotiating table over its nuclear program, as the conflict between Israel and the Islamic republic raged and U.S. President Donald Trump called for the immediate evacuation of Tehran.
Markets also look ahead to monetary policy decisions from the Federal Reserve and the Bank of England this week for direction.
Earlier today, the Bank of Japan kept interest rates steady and decided to decelerate the pace of its balance sheet drawdown next year.
On the data front, trading later in the day may be impacted by reaction to a batch of U.S. economic data, including reports on retail sales and industrial production.
Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook.
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