US-China tariff talks: The price of gold (XAU/USD) continued to drop during the first half of the European trading session and is now around $3,217, just above the lowest point in two weeks reached earlier today. Positive global market vibes, driven by reduced trade tensions between the US and China, along with a stronger US Dollar, have pushed investors away from gold, a safe-haven asset, for three days in a row.
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However, a surprise slowdown in US economic growth and signs of lower inflation have increased expectations that the Federal Reserve will cut interest rates more aggressively. This could limit further gains in the US Dollar and support gold prices, as gold doesn’t generate interest.
It’s wise to wait for more consistent selling before assuming gold’s short-term peak is confirmed and before betting on a further drop from its recent high of $3,500, the all-time record.
