Market Reacts to US-China Trade Discussions

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

Impact on Precious Metals

Gold 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 were not spared, with platinum falling by 1.07% to $965.13 per ounce and palladium slipping by 0.91% to $925.95 per ounce.

Beijing's Quiet Adjustments

Further fueling the market's optimism, reports emerged of China discreetly removing retaliatory tariffs on certain US-made semiconductors, a move that could ease tensions and foster a more cooperative trade environment.