Gold falls as China mulls suspending tariffs on some US imports.
Gold prices declined on Friday as China mulls suspending tariffs on certain U.S. imports, denting the metal’s safe-haven appeal.
Spot gold fell 0.8% to $3,322.36 an ounce as of 0421 GMT. U.S. gold futures shed 0.5% to $3,332.90.
“The partial rollback of tariffs on some imports from China may be perceived as a positive step towards further de-escalation in U.S.-China trade tensions, which exert modest downward pressure on safe-haven assets like gold,” said IG market strategist Yeap Jun Rong.
China may exempt some U.S. imports from its 125% tariffs and is asking businesses to identify goods that could be eligible in the biggest sign yet that Beijing is anxious about the trade war’s economic fallout.
Non-yielding bullion, often viewed as a safeguard against global instability and which thrives in low interest rate environments, has surged over $700 this year, scaling multiple record peaks. It reached $3,500.05 on Tuesday.
On the geopolitical front, Trump rebuked Russian President Vladimir Putin after a Russian missile and drone attack on Ukraine’s capital Kyiv, the biggest this year, resulted in at least 12 deaths.
Spot silver fell 0.3% to $33.46 an ounce, platinum dropped 0.5% at $966.34 and palladium fell 1.2% to $942.20.
Source: Marketscreener