Doha: Gold fell on Tuesday as softening trade tensions between the US and its trading partners dulled the metal’s safe-haven appeal, while investors awaited US economic data to assess the Federal Reserve’s policy path. Spot gold fell 1% to 3,3309.83 an ounce. US gold futures lost 0.6% to 3,327.05.
According to Qatar News Agency, while gold experienced a decline, other precious metals showed varied movements. Spot silver rose 0.1% to 33.21 an ounce, illustrating a slight increase. Platinum remained steady, with no change in its price, holding at 986.00 an ounce. Palladium saw a minor decrease, losing 0.1% to settle at 948.06 an ounce.
The easing of trade tensions has led to a reduced demand for gold as a safe-haven asset. Investors are now turning their attention to forthcoming US economic data, which is expected to provide insights into the Federal Reserve’s future monetary policy decisions. This data is crucial for investors seeking to understand the potential direction of interest rates and its impact on the economy.
The fluctuations in the prices of precious metals reflect the current market sentiment, which is heavily influenced by geopolitical developments and economic indicators. As the trade landscape evolves and new data emerges, the markets are likely to continue experiencing volatility.