Gold inches lower amid rising equities as Mideast tensions fade

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Gold inches lower amid rising equities as Mideast tensions fade
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Gold prices edged down on Friday, after declining as much as 1% in the previous ...

- Gold prices edged down on Friday, after declining as much as 1% in the previous session, as easing tensions in the Middle East prompted investors to move back to riskier bets.

Spot gold fell 0.1% to $1,550.66 per ounce by 0732 GMT. Prices fell to their lowest since Jan. 3 at $1,539.78 on Thursday.Meanwhile, global stocks rallied to hit record highs after comments from U.S. President Donald Trump and Iran pointed to a de-escalation in military tensions, even as the U.S. increased sanctions on Iran.

“Besides the U.S. president suggesting that Iran is standing down, House Speaker Nancy Pelosi’s legislation to limit Trump’s executive powers against Iran is reducing the pressure in the Mideast.” Gold, a safe asset during political and economic uncertainties, had surged over $1,600 on Wednesday after Iran launched missile strikes on U.S. forces in retaliation to the killing of its top commander in a drone attack.On the trade front, a ‘Phase 1’ trade deal between Washington and Beijing could be signed shortly after Jan. 15, Trump said on Thursday.“Gold remains on the back foot in Asia ...

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