Prices of safe-haven gold failed to sustain early-session gains on Tuesday, after initially rising following news that the U.S. will end Iran sanctions waivers.

Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.2%, at $1,275.45 per ounce by 1:33 AM ET (05:33 GMT).

Prices had moved higher earlier after the White House decided not to extend waivers for all oil buyers that previously allowed them to purchase Iranian crude.

Escalation in U.S.-Iran tensions typically boost gold's safe-haven edge, precious metals analysts said.

“There is some risk aversion in the marketplace to start the trading week, as the U.S. is ratcheting up its economic sanctions on Iran,” Jim Wyckoff, senior analyst at Kitco Metals, said in a note.