28 April | Gold

Gold loses ground as trade tensions between US and China ease

Gold loses ground as trade tensions between US and China ease

Gold prices fell more than 1% on Monday as investor sentiment improved with easing trade tensions between the US and China. This shift cooled down demand for safe-haven assets such as bullions. A stronger dollar was also putting pressure on the metal.

International buyers now find gold less attractive, as the US dollar index rose 0.3% against a basket of major currencies.  

Tariff negotiations with China are still going on, American President Donald Trump noted in a recent interview. Trade tensions between the two largest economies had previously sparked recession fears, and the White House expressed its willingness to ease them last week.

China said it would exempt certain US goods from steep tariffs, although officials later rejected Trump's claim that negotiations had moved forward.

Looking ahead, the key event this week is the publication of the American Nonfarm Payrolls report on Friday. Gold prices may be affected by the Fed's monetary stance depending on the data released, as Reuters commented.

Elena Dorokhina MarketCheese
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