Gold prices decline as Sino-US trade tensions ease

Gold prices fell today as China considered suspending tariffs on some US imports, dampening the precious metal’s safe-haven appeal.

Spot gold fell 0.8% to $3,322.36 per ounce. US gold futures also fell 0.5% to $3,332.90.

“The partial rollback of tariffs on some imports could be seen as a positive step toward de-escalating US-China trade tensions, putting pressure on safe-haven assets like gold,” said IG Markets analyst Ye Jun Rong, according to Reuters.

China announced its intention to exempt some US imports from the 125% tariffs and asked companies to identify eligible goods, a clear indication of Beijing’s concern about the economic repercussions of the trade war.