Gold Prices React to Trump's Trade Deal Comments

In a significant market movement, precious metals experienced a downturn this Wednesday. Gold notably decreased by more than 1%, a reaction to United States President Donald Trump's announcement regarding a potential "fair deal" on trade with China. Speaking at a rally in Michigan, Trump expressed optimism about reaching an agreement, stating both nations are keen on making a deal. This announcement has seemingly eased investor concerns, diverting attention away from safe-haven assets like gold.

Market Snapshot: Precious Metals on the Move

At precisely 5:56 am ET, gold was observed dropping by 1.22%, trading at $3,276.77 per ounce. Not far behind, silver saw a decline of 2.03% by 5:57 pm ET, priced at $32.27 per ounce. Platinum wasn't spared either, with a 1.19% dip to $969.53 per ounce. Interestingly, palladium bucked the trend, recording a 0.73% increase to $919.25 per ounce by 5:58 am ET.