WASHINGTON (dpa-AFX) - Following the steep drop seen during the previous session, the price of gold has seen some further downside during trading on Thursday.
Gold for December delivery is falling $22.90 or 0.5 percent to $4,295.50 an ounce after tumbling $58 or 1.3 percent to $4,318.30 an ounce during Wednesday's trading.
The continued decrease by the price of gold comes amid a sharp increase by the price of crude oil, with U.S. crude oil futures spiking by more than 3 percent.
Crude oil prices are extending yesterday's surge as traders look for signs of progress in talks between the U.S. and Iran after optimism about an end to the prolonged Middle East conflict contributed to a sharp pullback by crude oil prices early in the week.
The rebound by crude oil prices comes after conflicting speeches by President Donald Trump and Iranian President Masoud Pezeshkian at the UN General Assembly.
Trump threatened to 'annihilate' Iran in his remarks, while Pezeshkian condemned what he called 'signs of a bullying mentality' from the U.S. and said that Iran would never surrender.
The price of crude oil pulled back well off its highs and the price of gold subsequently regained some ground following a report U.S. and Iranian negotiators are discussing a phased deal to end the conflict.
A senior Iranian official told Reuters said Tehran is reviewing Washington's response to its peace proposals, which prioritize lifting the U.S. naval blockade on Iranian ports and reopening the Strait of Hormuz.
Gold has moved back to the downside since then, however, as traders may be growing tired of reports of a potential deal and awaiting more concrete developments.
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