Gold prices fell to a one-month low on Thursday in Asian trading, continuing a recent series of losses, amid the fact that the de-escalation of the trade war between the United States and China undermined demand for safe-haven assets. This is reported by Investing.com, writes UNN.
Details
The yellow metal came under pressure due to the resilience of the dollar, amid the fact that the dollar attracted the attention of buyers before the publication of new US economic data, as well as the address of Federal Reserve Chairman Jerome Powell later on Thursday. A sharp increase in the yield of US Treasury bonds also affected the situation.
The spot price of gold fell by 1.1% to $3,141.35 per ounce, while gold futures for delivery in June fell by 1.4% to $3,143.67 per ounce to 05:09 GMT.
Let us remind
On May 14, the spot gold price decreased by 0.5% to $3,231.10 per ounce. Experts predicted a further decrease in the event of progress in trade agreements between the United States and partners.
On Tuesday, May 13, prices for gold stabilized after the de-escalation of the situation with duties between the USA and China, which increased the appetite for risk and caused a sharp drop in the value of the precious metal. However, any significant recovery in gold prices was restrained by the strengthening of the dollar, which jumped sharply amid news of a trade agreement between the US and China.
As UNN reported, the US and China agreed to temporarily reduce duties on each other's goods. This was done to ease trade tensions and allow time to resolve disputes.