Gold prices fell in the international market on Wednesday amid low demand for the yellow metal following a de-escalation in US-China trade tensions.
As per media reports, spot gold fell 0.4 per cent to $3,234.32 an ounce as of 0231 GMT. US gold futures eased 0.3 per cent to $3,237.00.
Spot silver eased 0.8 per cent to $32.63 an ounce, platinum was steady at $987.85 and palladium lost 0.7 per cent to $950.18.
“Positive developments in US trade policy (are) diminishing the appeal of gold in the short-term,” Capital.com’s financial market analyst Kyle Rodda said.
“I think that if we see continued progress in trade negotiations and deals being done between the US and its trading partners, gold can pull back further. $3,200 is a pretty critical level of support.”
The US will cut the “de minimis” tariff for low-value shipments from China to 30 per cent, per a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world’s two largest economies.
On Monday, US President Donald Trump said he does not see tariffs on Chinese imports returning to 145 per cent after the 90-day pause, adding that he believes Washington and Beijing will have a deal.
