Spot gold fell 1.4% to $3,277.68 per ounce, while US gold futures lost 1.9%, trading at $3,281.40 per ounce.
In India, the price of gold :
stands at ₹9,688 per gram for 24 karat gold, ₹8,880 per gram for 22 karat gold, and ₹7,266 per gram for 18 karat gold (999 gold), according to data from Goodreturns.
The good advances in the trade negotiations between the United States and China are responsible for the market’s confidence.
US-Chinese officials met in Switzerland over the weekend, and the trade negotiations concluded favorably. Chinese officials said they had established “important consensus,” while US officials hailed an agreement to reduce the US trade deficit.
On Monday (May 12), Chinese Vice Premier He Lifeng said that a united statement would be made public in Geneva. The negotiations were a step forward in settling trade disputes that had intensified in recent months, including the levying of tariffs of more than 100% on one another’s products, which had stoked concerns of a worldwide economic downturn.
As a result, the demand for gold, which has historically been viewed as a hedge against political and economic uncertainty, declined as investor attitude changed.
The decline in gold prices was also significantly influenced by the strength of the dollar. Gold lost appeal to investors holding other currencies as the US dollar rose on the strength of the successful trade negotiations.
The precious metal, which is normally negatively connected with the strength of the US currency, was further under pressure to decline due to the increasing dollar index.
Experts predict that in the near future,gold would continue to experience downward pressure.
Senior commodity analyst Jigar Trivedi of Reliance Securities pointed out that gold would drop even more,possibly reaching $3,200 an ounce,as a result of lower geopolitical concerns and a stronger currency.
Additionally, traders are anticipating the release of important US economic data on Tuesday, such as the Consumer Price Index (CPI), which may offer new information about the direction of monetary policy at the Federal Reserve.
The outlook for gold is still unclear for investors.
A stronger currency and fewer geopolitical threats weigh down the short-term outlook, but gold is still a useful hedge against economic volatility over the long term.
Gold may experience a resurgence in demand if the Fed suggests a more dovish policy stance or if global tensions increase once more.
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