Markets are watching the potential deal between Iran and Oman, which could impact gold prices and the Federal Reserve’s decision on interest rates. Gold, which has been in the doldrums for months, had its best day in six months on Wednesday, hitting its highest level in seven weeks.
Iran Deal and Gold Prices
The potential deal between Iran and Oman has led to a decrease in oil prices, which in turn has taken pressure off the Federal Reserve to hike interest rates. This has contributed to the rise in gold prices. However, it’s still down nearly 20% from where it was when the Iran war started in late February.
The tech-heavy Nasdaq pulled back on Wednesday, stalled by post-earnings stock price flubs from SpaceX and AMD, as well as from high-flying Sandisk and Western Digital. The Dow Jones hit a new high, but Asian equities took their cue from the tech pullback stateside, with South Korea’s KOSPI falling more than 4% and Japan’s Nikkei nearly 1% on Thursday.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
