2020.01.0809:24:00UTC+00Gold Prices Pare Early Gains In Cautious Trade

Gold prices gave up some early gains on Wednesday after climbing as much as 2 percent to vault over the $1,600 ceiling for the first time in nearly seven years.

Spot gold was up 0.7 percent at $1,584.60 per ounce, after having climbed around 2 percent earlier in the session. U.S. gold futures were also up 0.7 percent at $1,585.05.

Initially, there were fears of a wider conflict in the Middle East after Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting U.S.-led coalition personnel.

Those fears have ebbed somewhat after Iraq's military said it had no troop casualties in the Iranian strike and U.S. President Donald Trump tweeted that "All is well!"

Iraq, Germany, Denmark and Norway said none of their troops were killed or injured.

"Iran took & concluded proportionate measures in self-defense," Foreign Minister Javad Zarif announced on Twitter. "We do not seek escalation or war, but will defend ourselves against any aggression."

Trump is expected to make a statement to the nation later today after consulting his security advisors.

On the trade front, China will not increase its annual low-tariff import quotas for corn, wheat and rice to accommodate stepped-up purchases of farm goods from the United States, Reuters quoted senior agriculture official Han Jun as saying.

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