Gold Edges Lower as Traders Assess Trade Talks, Fed Outlook
(Bloomberg) -- Gold edged lower for the second time in three days as traders assess softer-than-expected US inflation figures for April and cooling trade tensions with China.
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Bullion fell as much as 0.9% before paring some losses, with reports on US-South Korea talks about currency policies causing the dollar to drop. Gold suffered a sharp selloff on Monday when a truce in trade talks between Washington and Beijing drove a reallocation away from havens.
'The US–China tariff rates surprised materially to the downside, which eases investor concerns around trade-driven growth risks,' said Justin Lin, an analyst at Global X ETFs. 'Capital is likely flowing out of defensive sectors and gold.'
The breakthrough — following a weekend meeting in Switzerland — rekindled an appetite for risk assets among investors, sparking a rally that erased the S&P 500's losses in 2025.
The precious metal remains about a fifth higher this year, after peaking at a record above $3,500 an ounce last month as trade tensions flared. Investors had feared that the confrontation could spur a slowdown in growth or recessions, as well as faster inflation.
On Tuesday, April's price growth print for the US came in weaker than expected, suggesting little urgency so far by companies to pass along the cost of higher tariffs to consumers. That could bolster the case for further rate cuts from the Federal Reserve this year, which tend to make non-interest bearing bullion more appealing to investors.
Spot gold traded 0.6% lower at $3,232.50 an ounce at 10:05 a.m. in London, after gaining 0.4% on Tuesday. The Bloomberg Dollar Spot Index was 0.4% lower. Silver edged lower, while platinum and palladium rose.
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