Gold Prices Experience Significant Drop

Gold prices fell by more than 1% on Monday, as the easing of trade tensions between the US and China boosted market confidence, reducing the demand for safe-haven assets like gold.

Recent Developments in US-China Trade Relations

US President Donald Trump hinted at a potential shift in his administration's hardline trade policy towards China last week, suggesting that discussions about tariffs were underway. In a related development, China announced on Friday that it would waive certain tariffs on US-made products, although it denied reports of ongoing trade negotiations with the US.

Market Reactions

At 5:32 am ET, gold was down by 1.05%, trading at $3,277.97 per ounce. Silver also saw a decline of 0.29%, selling for $32.98 per ounce. On the other hand, platinum and palladium experienced gains, with platinum adding 0.61% to $983.44 per ounce and palladium rising by 0.72% to $937.01 per ounce.