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Gold prices drop as US-Japan trade talks show progress
Gold prices dipped slightly after a three-day rally as Trump announced a highly-anticipated trade deal with Japan. This signals progress in tense talks before new August 1 tariffs take effect, Bloomberg reports.
Gold fell 0.3% to around $3,420 per ounce. The deal between Tokyo-Washington includes $550 billion in Japanese investments in America. This eased market fears about growing trade tensions, reducing demand for safe-haven assets.
Traders are also trying to predict the Fed's next moves. Earlier, Treasury Secretary Scott Bessent backed Fed Chair Jerome Powell's decision to keep interest rates steady. Following this, US Treasury yields fell. Lower yields typically support gold prices.
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