With uncertainty rising, is gold’s bull run far from over?
Investing.com -- The United Nations Security Council failed to adopt a draft resolution on Friday that would have permanently lifted sanctions on Iran, leaving Tehran and European powers with an eight-day window to negotiate a potential delay.
The vote came after Britain, France, and Germany initiated a 30-day process on August 28 to reimpose UN sanctions, citing Iran’s failure to comply with the 2015 nuclear deal designed to prevent the country from developing nuclear weapons.
In Friday’s vote, Russia, China, Pakistan, and Algeria supported the draft resolution to lift sanctions. However, nine Security Council members voted against it, while two countries abstained.
The 15-member Security Council was required to hold this vote following the European powers’ triggering of the sanctions reimposition mechanism. Negotiations between Iran and key European nations can continue until the end of the 30-day period to potentially reach an agreement on delaying the sanctions.
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