Gold Prices React to Trade Deal Developments

In a significant market movement, gold prices experienced a 1% drop on Friday, influenced by renewed optimism surrounding global trade deals. This shift comes in the wake of the United States President's announcement of a trade agreement with Japan and hints at further agreements with other nations, alleviating concerns over potential trade disruptions caused by tariffs.

Federal Reserve's Potential Rate Cut Adds to Market Dynamics

Adding to the day's financial news, the President mentioned the possibility of the Federal Reserve lowering interest rates, following discussions with Chair Jerome Powell. This speculation has further influenced precious metal markets, contributing to the day's downward trend.

Precious Metals Market Overview

At 10:40 am ET, gold was trading at $3,335.43 per ounce, marking a 1% decrease. Silver wasn't far behind, with a 1.11% slump to $38.60 per ounce. Shortly after, platinum and palladium also saw declines, shedding 1.53% and 1.59% respectively, to trade at $1,399.49 and $1,212.57 per ounce.