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Gold falls as trade talks advance

Gold prices decline after postponing US definitions

Gold prices witnessed a decline of about 0.7% today to reach 3,307 dollars per ounce, after extending the period of exemption from American customs duties and postponing the date of the definitions, which reduced pressure on safe havens. The advanced commercial news did not rise from the interest rates, which weakened the attractiveness of gold as a safe haven. Despite the current decline, gold remains supported by strong spirits: keeping its location as a hedge tool in front of inflation and enhancing the need for central banks.

Expect for the coming period:

Gold is likely to continue to fluctuate within the range of 3,300 -3,350 dollars, with the possibility of escalating if commercial tensions are renewed or the US economy growth slows down.

Its next direction depends on definitions, inflation indicators, and federal comments related to monetary policy plans.

 - Source: Reuters.

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