Gold prices are holding around $4,000 an ounce as traders assess the implications of a US-China trade truce that failed to fully allay fears of long-term competition between the world's two largest economies. This is reported by Bloomberg, writes UNN.
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Spot gold prices fell 0.8% on Friday after an earlier 2.4% gain, breaking a four-day losing streak. Chinese leader Xi Jinping called for stable supply chains in his first public statement after meeting with US President Donald Trump.
Gold and silver show sharpest decline after record highs22.10.25, 09:51
The combination of sharp price cuts, a truce in the US-China trade war, and significant outflows from gold ETFs reinforces the corrective mood
He added that the price of bullion could fall to around $3,750.
Despite recent declines, gold has risen more than 50% this year, supported by investors' desire to protect portfolios from risks and active central bank purchases. According to the World Gold Council, central banks bought 28% more gold in the third quarter compared to the previous period. Silver fell, while platinum and palladium showed slight gains.
Gold prices fall below $4,000 an ounce amid easing trade tensions28.10.25, 09:49