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Gold Sinks Below $4,000: Price dropped over 2%, hitting its lowest level since October 10th.
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Trade Risk Eases: The decline is linked to a US-China working agreement that reduces trade tensions.
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ETFs Selling: The sell-off was reinforced by the largest ETF gold sale since May last Friday.
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Gold Sinks Below $4,000: Price dropped over 2%, hitting its lowest level since October 10th.
-
Trade Risk Eases: The decline is linked to a US-China working agreement that reduces trade tensions.
-
ETFs Selling: The sell-off was reinforced by the largest ETF gold sale since May last Friday.
Gold is down by more than 2% today amid diminishing international trade risks, simultaneously reacting to recent movements from ETF funds. During the ASEAN conference held in Malaysia, Chinese and US negotiators met and reached a working agreement that mitigates the risk of 100% tariffs on Chinese products and is set to reduce export restrictions on rare earth elements from China to the US. A broader agreement or a further extension of negotiations is expected to be reached during the meeting between Trump and Xi this Thursday, which is taking place during the APEC conference in South Korea.
Friday also saw the largest single-day sale of gold by ETF funds since May. Last week also marked the first weekly decline since the second week of August. The crucial period for gold this week will be Wednesday and Thursday, when the Fed's interest rate decision is announced and the meeting between the US and Chinese presidents is scheduled to take place.
Gold is down over 2% today, falling below $4,000. Interestingly, this is occurring amidst marginal movements in the US dollar but alongside strong gains on Wall Street. Source: xStation5
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