“Gold prices strengthened amid expectations of negotiations between the US and ChinaInvestors are buying bullion after prices fell, awaiting the results of trade talks between the US and China. Trump predicts lower tariffs for Beijing.”, — write: unn.ua
DetailsSpot gold rose 0.3% to $3,316.29 per ounce at 04:48 GMT (06:48 Kyiv time). US gold futures strengthened by 0.5% to $3,321.60.
Spot gold lost some ground earlier in the session, touching a low of $3,274.38, amid US President Donald Trump’s announcement of a trade deal with the UK on Thursday.
Trump and British Prime Minister Keir Starmer announced a “breakthrough deal.” The 10% tariff on goods imported from Britain remains in effect, while Britain has agreed to reduce its duties to 1.8% from 5.1% and provide greater access to US goods.
“Buying gold on the downside is still in vogue, which is limiting the downside for now, despite safe-haven demand being somewhat exhausted by the US-UK trade deal,” said KCM Trade chief market analyst Tim Waterer.
“How US-China trade talks develop could be a key factor in determining which side of $3,300 gold trades next week,” he added.
Trump also said he expects substantive negotiations between the US and China on trade this weekend and predicted that the US duty for Beijing of 145% is likely to be reduced.
Gold, traditionally seen as a hedge against economic and political uncertainty, thrives in a low interest rate environment.
Several US Federal Reserve officials are due to speak later in the day to provide more details on the country’s economy and central bank policy. This comes after the Fed kept interest rates on hold on Wednesday and warned of rising risks of inflation and unemployment.
Meanwhile, Indian gold traders were offering discounts this week amid weak demand, while a weaker rupee pushed local prices to near record highs, while purchases in China rebounded after the holidays.
Spot silver was stable at $32.48 per ounce, platinum rose 0.5% to $980.55, and palladium rose 0.2% to $978.21.
Gold prices rose above $3,500 for the first time22.04.25, 18:11 • 6826 views