Doha: Gold prices fell more than 2 percent Monday after the announcement of a provisional agreement between the United States and China to reduce tariffs: Spot gold fell 2.6 percent to USD 3,237.04 per ounce by 3:32 PM GMT. US gold futures also experienced a decline, falling 3.1 percent to USD 3,241.70 per ounce.
According to Qatar News Agency, the effects of the US-China agreement were not limited to gold alone. Spot silver experienced a minor decline of 0.4 percent, reaching USD 32.56 per ounce. Other precious metals were similarly affected, with platinum dropping 1.6 percent to USD 978.80 per ounce, and palladium decreasing 2.7 percent to USD 949.43 per ounce.
The agreement between the US and China, aimed at reducing tariffs, has had significant repercussions in the commodities market, particularly affecting the prices of precious metals. Investors are closely monitoring the situation as further developments unfold.