Gold prices retreated this morning during the Asian hours as U.S. President Donald Trump indicated that could levy new economic sanctions on Iran rather than call for military action against the country.

Now, the precious metal trades at $1545.61, which is a decline of $9.18 or 0.59% from the previous close of 1554.79.

The daily range is from $1540.08 to 1561.24, while the trading volume is 165.48K.

After Iran's attack on several U.S. military bases, Trump stated that Teheran seems to “standing down,” calling it a “good thing for all parties concerned.”

Moreover, Global equities regained ground after his remarks, while prices of the safe-haven such as gold dropped.

As a matter of fact, the prices of the yellow metal lost some ground yesterday when Iran said it is not looking for an escalation of the conflict.