Gold falls after signals of easing US-China trade tensions
(MENAFN) Gold prices fell sharply on Monday, declining about 3.2% to $3,981 an ounce, amid indications of easing trade tensions between the United States and China, as well as new trade agreements with several Asian nations.
The precious metal had surged to an all-time high of $4,381.6 last Monday, driven by trade disputes between the world’s two largest economies, expectations of Federal Reserve rate cuts, and central banks increasing gold reserves.
However, recent comments from US President Donald Trump suggesting a potential “fair deal” with Beijing—after threatening 100% tariffs over China’s rare earth export restrictions—have triggered a pullback in gold prices. Trump’s ongoing Asia tour, during which the US signed trade agreements with Cambodia and Thailand, also contributed to the decline.
A scheduled meeting between Trump and Chinese President Xi Jinping in South Korea on Thursday is expected to further ease tensions that have been escalating over the past two weeks.
Silver prices mirrored the trend, falling 4.3% to $46.5 per ounce on Monday.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
