Gold prices declined on Tuesday, pulling back from their highest level in nearly four weeks, as a slight recovery in the U.S. dollar weighed on the yellow metal. However, ongoing uncertainty surrounding U.S.–China trade talks kept investor caution intact and limited the downside.
اضافة اعلان
Spot gold fell 0.5% to $3,362.57 per ounce as of 04:29 GMT, after earlier hitting its highest since May 8.
U.S. gold futures dipped 0.3% to $3,386.60.
Gold had previously jumped about 2.7% in the prior session, marking its strongest daily gain in over three weeks.
“The dollar recovered slightly, and gold fell—so they are moving inversely at this point,”
said Brian Lan, Managing Director at GoldSilver Central in Singapore.
Despite the dip, gold continues to track global trade developments closely. While there was a minor pullback in investor positions, it wasn't as steep as during previous moments of apparent de-escalation in trade tensions, Lan added.
The U.S. Dollar Index also recovered slightly from a six-week low, maintaining its influence on gold pricing.
Trade Tensions in Focus:
A call between President Donald Trump and Chinese President Xi Jinping is expected this week, according to the White House.
The U.S. plans to double tariffs on steel and aluminum imports to 50% on Wednesday, coinciding with the deadline set by the Trump administration for countries to improve their trade offers.
The European Commission announced it will present strong arguments this week for the U.S. to reduce or eliminate these tariffs, despite Washington’s intention to increase them.
Other Precious Metals:
Silver: down 1.9% to $34.12/oz
Platinum: up 0.1% to $1,064.66/oz
Palladium: down 0.1% to $986.10/oz
Volatility remains elevated across precious metals markets amid currency shifts and geopolitical developments.
