Gold Tumbles 3% as U.S.-China Trade Deal Eases Economic Concerns
Gold prices dropped significantly by 3% on Monday, settling around $3,223 an ounce.
This decline came after the U.S. and China agreed to a temporary trade truce, which improved the global growth outlook and decreased recession fears.
According to Ricardo Evangelist, senior analyst at ActivTrades, these developments reduced the need for safe-haven investments like gold.
The strengthening U.S. dollar following positive trade sentiment also pushed gold prices down. This represents gold’s biggest one-day percentage decline since April 23 and its lowest settlement price since May 1.
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