“Gold falls in price amid easing trade tensions, strengthening dollarThe price of gold fell by 1% due to a stable dollar and reduced demand for safe-haven assets. Investors are waiting for US economic data to assess further actions by the Federal Reserve System.”, — write: unn.ua
DetailsSpot gold fell 0.9% to $3,289.97 per ounce at 08:43 GMT (11:43 Kyiv time). US gold futures fell 0.1% to $3,301.
The dollar index, which measures the US currency against a basket of other currencies, rose 0.3%, making gold less attractive to holders of other currencies.
“The market sees trade tensions easing and is less concerned about the Fed’s independence, which is now reducing demand for safe-haven assets,” said UBS analyst Giovanni Staunovo.
“As the Fed is still expected to cut interest rates later this year, we are still waiting for gold to test the $3,500 an ounce mark again,” he said.
US President Donald Trump said that negotiations on customs duties are underway with China. Last week, the Trump administration signaled its openness to de-escalating the trade war between the world’s two largest economies, which has raised fears of a recession. On Friday, China exempted some imports from the US from its high duties, but quickly refuted Trump’s claim that they were negotiating.
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Gold, often used as a safe haven in times of political and financial uncertainty, rose to an all-time high of $3,500.05 an ounce last week due to trade tensions, demand from central banks and sustained investment demand.
In addition to greater clarity on US trade policy, investors this week will also be waiting for a series of economic data from the US to be released for clues on the path of Federal Reserve rate cuts. Key data to be released this week include the US job openings report on Tuesday, consumer spending on Wednesday and the nonfarm payrolls report on Friday.
Spot silver fell 0.2% to $33.01 an ounce, platinum rose 0.7% to $978.01, and palladium rose 0.2% to $950.04.
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