Gold drops to 4-month low after Iran accord

[LONDON] Gold fell to its lowest level in more than four months yesterday as the accord between Iran and world powers damped demand for a haven.

Silver sank to its lowest in more than 15 weeks.

Brent crude slumped from a six-week high yesterday, and the US dollar reached the strongest in six months against the yen after Iran agreed to curtail its nuclear activities and in return won an easing of "certain sanctions" on oil, auto parts, gold and precious metals.