FX.co ★ Gold Extends Losses for 3rd Day

Gold prices dropped below $3,250 per ounce on Thursday, marking a three-day streak of declines. This downturn has been attributed to the easing of trade tensions, especially between the United States and China, which has reduced the demand for gold as a safe-haven asset. Reports from China Central Television indicate that the U.S. has been reaching out to Beijing via multiple communication channels. Additionally, it was reported that the Trump administration is on the brink of announcing an initial round of agreements to lower proposed tariffs on select countries. On Tuesday, President Trump signed an executive order to relax some of his previously imposed 25% tariffs on automobiles and auto parts. Despite these recent losses, gold remains strong, having increased by over 5% in the previous month, marking its fourth consecutive monthly rise. This growth has been driven by safe-haven investments amid ongoing worries about global trade disruptions and mounting signs of economic stress in the U.S.