Gold price in U.S today: Gold falls to $3,306.50 after hitting a record high this week; find out why?
Gold price in the United States fell on Friday, dropping over 1% and poised for a weekly decline, as per a report. The price dropped after reports claimed that China exempted some US goods from its tariffs, which raised optimism of easing trade tensions, as per Reuters.
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Gold Price Declines
By 1136 GMT, spot gold was 1.5% lower at $3,296.19 an ounce, after hitting a record high earlier this week, reported Reuters. US gold futures fell 1.3%, to $3,306.50, as per the report. This decline followed as investors became increasingly hopeful the current trade tensions between the world's two biggest economies might soon subside.
Impact of US-China Trade Optimism on Gold and US Dollar
MarketPulse by OANDA analyst Zain Vawda said, "Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows," quoted Reuters.
Among the major factors sending gold lower was China's move to exempt certain US imports from its massive 125% tariffs, as per Reuters. While China hasn't made any formal announcement on the exemptions, companies are being notified and have been asked to identify critical goods they need levy-free, according to the report.
As the US dollar rose, fueled by this trade optimism, it has led gold prices to be higher for foreign purchasers, according to Reuters.
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Vawda also said, "A U.S.-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," as quoted by Reuters.
Gold Drops After Record Highs Earlier This Week
Gold, which is considered a safe asset during economic and geopolitical turmoil, has risen over 25% this year, as per Reuters. Gold price had even reached a record high of $3,500.05 on Tuesday, reported Reuters.
While, Federal Reserve officials pointed out that they were in no hurry to revise the US monetary policy as they wanted more information to determine how US president Donald Trump's tariffs were affecting the economy, reported Reuters.
FAQs
Why did gold fall today in the US?
Gold price dropped because of optimism of easing
US-China trade tensions
, following reports that China had exempted some US goods from its tariffs, as per Reuters.
How much did
gold prices fall
today?
Spot gold was down by 1.5% to $3,296.19 an ounce, after hitting a record high earlier in the week, as per Reuters.
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