Gold prices fell to the lowest level in a week

Today, gold prices have reached their lowest level in more than a week that it recorded in the previous session, as it strengthens the demand for risk due to an agreement between the United States and China to temporarily reduce customs duties, which reduced the demand for safe haven such as gold.

Gold settled in instant transactions at $ 3230.99 an ounce by 03:09 GMT.

Gold recorded a decrease of 2.7 percent in the previous session.

US gold futures rose 0.2 percent to $ 3235.20.

After two days after negotiations in Geneva, the United States and China announced discounts in customs duties for the next three months, as American customs duties on Chinese imports decreased from 145 percent to 30 percent, and Chinese customs duties decreased on American imports from 125 percent to 10 percent, supporting global stocks.

The United States and China imposed mutual customs duties last month, which sparked a trade war.

“The possibilities of improving trade relations between the two largest economies in the world have strengthened the demand for risk and thus the demand for safe haven has decreased,” said Tim Water, a chief market analyst at K.C.

Dealers await the US consumer price index report, scheduled for later on Tuesday, to obtain new indicators on the path of the Federal Reserve’s monetary policy.

For other precious metals, silver increased in instant transactions 0.6 percent to $ 32.78 an ounce, platinum rose 0.8 percent to 982.70 dollars, and palladium decreased 0.4 percent to 942.19 dollars.