Gold Rises to Two-Week High as European, Iranian Tensions Mount
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Gold futures rose to the highest in two weeks on demand for a haven as the European Union moved closer to halting oil purchases from Iran, stepping up the confrontation over the Islamic republic’s nuclear program.
EU foreign ministers may announce harsher sanctions on Iran’s energy and banking industries at a meeting on Jan. 30 after Greece ended objections to an oil embargo, EU spokesman Michael Mann said. The move will help in “tightening the noose around Iran economically,” the U.S. State Department said. In the fourth quarter, gold fell for the first time since 2008.