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Report: New US sanctions against Iran likely to hit metals sector

Iran's metals sector will likely be hit by U.S. President Donald Trump's new wave of sanctions against the country, Bloomberg reported Jan. 8, citing a source familiar with the administration's plans to "keep squeezing" Iran's economy following the killing of commander Qassem Soleimani on Jan. 2.

According to the source, the sanctions will likely be targeting Iran's non-oil sectors, as part of a previously disclosed plan to choke off other sources of revenue now that the U.S. has clamped down on its oil exports.

In a televised address, Trump signaled a move toward de-escalation, saying Iran seemed to be "standing down" from further retaliatory attacks. However, Trump announced new economic sanctions against Iran, vowing to maintain pressure until the leadership in Tehran "changes its behavior."

Analysts have pointed to possible upside in the price of gold as a safe-haven asset amid the tensions while also advising caution in near-term trading. Oil prices, meanwhile, surged following the death of the Iranian military leader.