Gold prices held steady on Tuesday, remaining near their lowest level in three weeks, as easing fears of a global trade war and a stronger dollar reduced the appeal of the metal as a safe haven.
اضافة اعلان
Spot gold was priced at $3,318.71 per ounce as of 06:01 GMT. The precious metal had hit its lowest level since July 9 during the previous session.
Meanwhile, U.S. gold futures rose by 0.2% to $3,317.50.
Tim Waterer, Chief Market Analyst at KCM Trade, said:
"Gold trading near or below $3,300 continues to attract buyer interest. Although short-term market factors such as trade agreements and dollar strength are not currently supportive of gold, the longer-term outlook remains positive."
On Monday, top economic officials from the United States and China met in Stockholm for more than five hours of talks aimed at resolving ongoing economic disputes between the world’s two largest economies, and seeking to extend the current tariff truce by three months.
Separately, the U.S. reached a preliminary trade agreement with the European Union on Sunday, under which a 15% import tariff was imposed on most European goods—half the initially threatened rate—thereby preventing a broader trade war between the two allies, who together account for about one-third of global trade.
The U.S. Dollar Index (.DXY) hit a two-week high, making gold more expensive for holders of other currencies.
Investors this week are closely watching for key U.S. economic data, including inflation indicators, the employment report, and the Federal Reserve meeting set to begin later today, with expectations that interest rates will remain unchanged.
Waterer added that if U.S. data comes in weak or if criticism from former President Donald Trump pushes the Fed toward a more dovish tone, that could be supportive of gold.
As for other precious metals:
Spot silver held steady at $38.18 per ounce.
Platinum slipped by 0.1% to $1,388.98.
Palladium dropped 1.7% to $1,225.44, according to Reuters.
