Market Confidence Rises as Trade Tensions Ease

Gold prices experienced a significant drop, falling over 1% on Monday. This decline comes as easing trade relations between the US and China have bolstered market confidence, leading to a reduced demand for safe-haven assets like gold.

Recent Developments in US-China Trade Relations

US President Donald Trump hinted at a possible softening in his trade policy towards China last week, mentioning ongoing discussions about tariffs. In a related move, China has exempted certain US products from its hefty 125% tariffs, despite denying any current trade negotiations with the US.

Precious Metals Market Update

At 5:32 am ET, gold was down by 1.05%, trading at $3,277.97 per ounce. Silver also saw a decline, dropping 0.29% to $32.98 per ounce. On the brighter side, platinum and palladium prices rose, with platinum increasing by 0.61% to $983.44 per ounce and palladium up by 0.72% to $937.01 per ounce.