Gold Prices Experience Significant Drop

After reaching an unprecedented peak of $3,500, gold prices have begun to decline, marking a 3.13% drop to $3,275.94 per ounce. This shift comes as positive developments in US-China trade relations and reduced concerns over Federal Reserve autonomy emerge.

US-China Trade Relations Show Promise

US Treasury Secretary Scott Bessent has expressed optimism about a potential decrease in trade tensions with China, labeling the current tariff dispute as "unsustainable". Additionally, President Donald Trump has stepped back from his earlier criticisms of Fed Chair Jerome Powell, indicating a softer stance towards the central bank's interest rate policies.

Other Precious Metals See Mixed Results

While gold and platinum saw declines, silver and palladium experienced gains. Silver prices rose by 1.20% to $32.90 per ounce, and palladium increased by 1.04% to $931.30 per ounce. Platinum, however, fell by 1.51% to $974.66 per ounce.