Gold fell on Tuesday, the relaxation of trade tensions between the United States and their business partners having attenuated the refuge attraction of precious metal, while investors are waiting for the publication of determining American economic data to assess the trajectory of the monetary policy of the Federal Reserve.
The cash price in cash lost 0.4 % to be at $ 3,329.12 per ounce at 02h11 GMT. US Gold’s term contracts sold 0.2 % to $ 3,342.40.
“The risk environment has clearly improved recently, market players being encouraged by optimism that the worst trade tensions could be behind us, thanks to encouraging speeches around trade agreements,” said Yeap Jun Rong, strategist at IG.
The American Treasury Secretary, Scott Bessent, said on Monday that several major business partners had made “very good” proposals to avoid American customs duties, India being among the first to finalize an agreement.
According to Bessent, the recent measures of China aimed at exempting certain American products from its retaliatory prices bear witness to a desire to appease trade tensions.
The administration of the American president Donald Trump also plans to alleviate the impact of his car rates on Tuesday by reducing certain rights imposed on foreign documents used in locally manufactured vehicles.
However, the risks of a global recession this year remain raised, according to the majority of economists interviewed by Reuters, many of them believing that the customs duties imposed by Trump have harmed businesses.
Traditionally considered as a refuge value in the face of political and financial instability, the Lingot reached a historic summit of $ 3,500.05 per ounce last week due to persistent uncertainties.
Investors will monitor several economic indicators this week, including the report on job offers in the United States later expected in the day, personal consumption spending on Wednesday, as well as the employment report outside the agricultural sector on Friday.
“In the longer term, the structural carrier winds for gold prices should maintain the overall upward trend, supported by the room for maneuver for continuous diversification of reserves among central banks of emerging markets,” said Rong.
Signing money increased by $ 33.21 per ounce, platinum remained stable at $ 986.00 and Palladium fell 0.1 % to $ 948.06.
