Decades of sanctions against Iran have stunted its economic development and the growth of its all-important oil sector.
The international community, led by the United States, has made sanctions more and more stringent as Iran has refused to abandon its nuclear programme.
Gold eased in Asia on Monday after see-sawing most of the day as selling on low inflation signals gave way to safe-haven buying on concern over Hungary's debt crisis and a cut to Ireland's sovereign rating.
But by late afternoon, bearish sentiment had again gripped the sector, sending bullion down by more than $2 an ounce.
The euro stayed below two-month highs versus the dollar on Monday, dented by a downgrade of Ireland and the suspension of talks between Hungary and the IMF, but recovered as traders awaited results of bank stress tests.
Moody's Investors Service downgraded Ireland's sovereign bond rating to Aa2 with a stable outlook from Aa1.
Middle Eastern buyers were ready to place some of the largest orders at Farnborough as the global aviation industry's biggest airshow opened in the sleepy southern England town on Monday.
Global stocks slipped on Monday and investors briefly shunned the euro after Moody's cut the credit rating of Ireland, slightly unsettling markets already worried about a slowdown in the pace of U.S. economic recovery.
Oil prices steadied near $76 a barrel on Monday, pausing from the previous session's decline, as investors weighed the sharp drop in U.S. consumer sentiment against early signs of improved underlying oil demand.
Analysts said the marginal slide in oil prices shows that crude was receiving ample support above $74 a barrel, thanks to bullish inventory reports that showed large drawdowns in U.S. crude stocks over the past three weeks.
The euro extended losses on Monday, pulling further away from two-month highs, after Moody's cut Ireland's credit rating, highlighting the fragility of Europe's fiscal health.
Europe may be hoping its long-awaited bank stress tests are anti-climactic, judging from the confident comments coming from officials.
Jean-Claude Juncker, chairman of the euro zone finance ministers, doesn't expect any big catastrophes when results from the tests of 91 European banks are released on Friday.
Bailed-out insurer American International Group Inc named former Prudential plc Chief Executive Mark Tucker as head of its Asia life insurance business, AIA, replacing existing boss Mark Wilson.
Oil prices fell below $76 a barrel on Monday, extending the previous session's decline, on concern about the U.S. economic outlook after data showed consumer sentiment fell to a near one-year low.
News that the IMF and European Union has suspended a review of Hungary's funding program at the weekend has also ignited fresh eurozone jitters, as the country will not have access to remaining funds in its $25.1 billion loan package set up in 2008 until the review is concluded.
Gold steadied in Asia on Monday after early selling on low inflation signals gave way to fresh concerns over Hungary's ability to pay its debts prompted safe haven buying.
But longer term, the firmness in bullion is not supported by technical analysis, which suggests gold is ready to ease further to lows last seen in late May of $1,175 per ounce.
The euro pulled back from two-month highs on Monday, as investors booked profits on its rally while lingering concerns about Europe's sovereign debt problems looked likely to keep a lid on future gains.
High-yielding currencies like the Australian and New Zealand dollars were also under pressure as subdued U.S. data and falling equities .SPX led investors to shun risky trades.
With open interest in cardamom futures surging, rumors of a ban on the contract also started circulating until Forward Markets Commission clarified that there would be no ban on cardamom futures.
South Korea's LG Electronics Inc said on Monday it aimed to raise shipments of 3D notebook computers by 30 percent in 2011, as it makes a huge bet on booming sales of 3D products led by televisions.
China should cut its holdings of U.S. Treasury securities when market demand is strong, a prominent economist said in remarks published on Monday.
Leading media buyer ZenithOptimedia raised its 2010 global advertising growth forecast for the third time following a faster-than-expected recovery in the United States and Western Europe.
The Aussie dollar held onto support around 0.8750 in early offshore trade rallying back above the 88 cent handle on the back of gains in EUR/USD.
The Australian Dollar once again retreated during Friday evening's trade as concerns about the global economic recovery emerged and equity markets headed down in Europe and the US.
American International Group Inc is expected to name former Prudential Plc Chief Executive Mark Tucker as head of AIA, as it prepares the Asian life insurance unit for an initial public offering, a source familiar with the matter said on Sunday.
Motorola Inc is close to selling most of its wireless-network equipment business to Nokia Siemens Networks for $1.2 billion, a source familiar with the matter said on Sunday.
U.S. Vice President Joe Biden said on Sunday it was too soon to judge if a surge of U.S. troops into Afghanistan was winning the war and insisted he bore no ill will toward General Stanley McChrystal.
Good Guys chain head Andrew Muir has announced the creation of a new foundation that will deploy stationary and mobile kitchens around the country to teach healthy cooking to Australians.
