Gold Prices Take a Dive

Following a historic rally that pushed gold to an unprecedented all-time high of $3,500, prices tumbled more than 1% on Tuesday. This shift came as investors reacted to softer rhetoric from United States President Donald Trump regarding trade tensions with China.

Investors Find Reassurance in Trump's Comments

Trump hinted at the possibility of a trade deal with China, stating that tariffs on Chinese goods would not be "anywhere" near the current 145%. Additionally, he expressed no intention to dismiss Federal Reserve Chair Jerome Powell, marking a departure from his previous critical stance.

Market Reactions

By 8:24 pm ET, gold had fallen 1.18% to $3,341.40 per ounce. Meanwhile, silver saw a slight increase of 0.12%, trading at $32.54 per ounce. Platinum decreased by 0.1% to $959.62 per ounce, whereas palladium experienced a minor gain of 0.15%, reaching $923.43 per ounce.