Gold Takes a Dive to $1,227.34 an Ounce Following News of Iran Deal

Gold prices sank November 25 to their lowest level since July 8 after the United States and other world leaders struck a deal with Iran over its nuclear activities.

Spot gold fell to $1,227.34 an ounce earlier in today’s session, Reuters reported. It later rose to $1,243.05 an ounce.

Gold futures for February delivery were down $12.90 to $1,231.70 an ounce in New York, according to MarketWatch.

Iran has agreed to curb its nuclear program, which is “very negative” for gold, Yves Lamoureux of market advisory firm Lamoureux & Co, told the source.

The deal also caused oil prices to dip and raised the dollar and equities, Reuters reported.