Gold prices: declining yellow metal attractiveness

Gold prices decreased today, with the gravity of the yellow metal decreased as a safe haven due to the decline in trade tensions between the United States and its trading partners, while investors are awaiting US economic data to assess the path of the Federal Reserve Policy (the Central Bank of the US Bank).

By 02:11 GMT, gold fell in instant transactions by 0.4 percent, recording $ 3329.12 an ounce.

US gold futures fell 0.2 percent to $ 3342.40.

“The risk environment has recently improved recently, with the market participants supported to optimism that the worst commercial tensions may have been given amid an encouraging speech about trade deals,” said Yip John Rong, a market expert in IG.

US Treasury Secretary Scott Besent said that a large number of major commercial partners of the United States submitted “very good” proposals to avoid US customs duties, and India is likely to be one of the first countries signing of such an agreement.

He added that the latest Chinese moves to exempt some American commodities from counter -customs duties showed that Beijing wanted to calm trade with the United States, and said that Washington refrained from escalation by banning those commodities.

The administration of US President Donald Trump will also move to reduce the impact of customs duties on cars later today, Tuesday, by reducing some fees imposed on spare parts received from locally manufactured cars.

However, the risks of the global economy slipping into this year’s stagnation are still high, according to experts in a Reuters poll, many of whom said that the customs duties imposed by the American President had harmed the morale in the business sector.

Gold, a traditional refuge in political and financial instability, rose to its highest level at 3500.05 dollars an ounce last week and achieved gains exceeding 25 percent since the beginning of the year.

Investors are awaiting a series of economic data this week, with the issuance of the job report in the United States later today, and the personal consumption expenses report tomorrow, Wednesday, while the non -agricultural job report is issued on Friday.

This data helps measuring the effect of the latest customs duties imposed by Trump on the expectations of the Federal Reserve Policy.

As for other precious metals, silver increased in instant transactions 0.1 percent to $ 33.21 an ounce, platinum settled at $ 986, and palladium lost 0.1 percent, recording 948.06 dollars.