Market Reacts to Trump's Trade Comments

The precious metals market experienced a downturn on Wednesday, with gold prices falling by more than 1%. This shift occurred after President Donald Trump announced his administration's intention to secure a "fair deal" on trade with China, signaling a mutual interest in reaching an agreement between the two nations.

Investor Sentiment Shifts

During a rally in Michigan marking his first 100 days in office, Trump reassured the public and investors alike by stating, "we're just getting started." This declaration helped alleviate some investors' worries, leading to a decreased demand for safe-haven assets like gold.

Precious Metals Performance

By 5:56 am ET, gold had decreased by 1.22%, trading at $3,276.77 per ounce. Silver wasn't far behind, dropping 2.03% by 5:57 pm ET to $32.27 per ounce. Platinum also saw a decline of 1.19%, selling for $969.53 per ounce, while palladium bucked the trend with a 0.73% increase to $919.25 per ounce by 5:58 am ET.