Market Reacts to US-China Trade Developments

Investors showed a positive response to the latest updates on US-China trade relations, leading to a noticeable dip in precious metal prices. United States President Donald Trump announced that discussions with China have commenced, aiming to improve trade relations between the two economic powerhouses.

Precious Metals Prices Take a Hit

Following the news, gold prices experienced a significant drop, decreasing by 1.08% to $3,312.81 per ounce by 3:17 am ET. Similarly, silver saw a 0.38% decline, trading at $33.46 per ounce. Platinum and palladium weren't spared either, with platinum falling by 1.07% to $965.13 per ounce and palladium slipping 0.91% to $925.95 per ounce.

China's Strategic Tariff Adjustments

Adding to the market's optimism, reports emerged of China quietly removing retaliatory tariffs on certain US-made semiconductors, a move that could further ease trade tensions between the two nations.