Gold trades near 3-week low
Kyiv • UNN
Spot gold was at $3311.33 an ounce, hitting its lowest level since July 9. This comes amid easing concerns about a global trade war and a strengthening dollar, which reduced gold's appeal as a safe-haven asset.
Gold prices were virtually unchanged on Tuesday, remaining near a three-week low, as easing fears of a global tariff war and a strengthening dollar reduced gold's appeal as a safe-haven asset, UNN reports with reference to Reuters.
Details
The spot price of gold as of 04:01 GMT (07:01 Kyiv time) held at $3311.33 per ounce. In the previous session, the precious metal reached its lowest level since July 9.
US gold futures remained stable at $3310.80.
"Gold trading at around $3300 or lower continues to attract buyers. While short-term market dynamics, driven by trade agreements and a strengthening US dollar, are not conducive to rising gold prices, there is still potential for growth in the long term," said Tim Waterer, chief market analyst at KCM Trade.
Senior US and Chinese economic officials met in Stockholm on Monday for a more than five-hour meeting aimed at resolving long-standing economic disputes at the heart of the trade war between the world's two largest economies, seeking to extend a tariff truce for three months.
On Sunday, the US concluded a framework trade agreement with the EU, setting a 15% import tariff on most EU goods — half the threatened rate — and preventing a larger trade war between the two allies, which account for almost a third of global trade.
The dollar index held near a more than week-long high, which led to an increase in the cost of gold for buyers holding other currencies.
Investors are awaiting the release of a series of US macroeconomic data this week, including inflation data and an employment report, as well as a two-day Fed meeting that begins later today. Rates are expected to remain stable.
According to Waterer, if weaker US macroeconomic data emerges or criticism of the Fed by US President Donald Trump prompts the central bank to take a more "dovish" stance this week, it could have a positive impact on gold.
Spot silver prices fell 0.2% to $38.09 an ounce, while platinum rose 0.6% to $1397.80 and palladium fell 1.9% to $1223.02.
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