(Update quotes at 1707 GMT)
Por Sarah Qureshi Y Ashtha Shivaprasad
May 8 (Reuters) – Gold expanded losses and fell almost 2% on Thursday after the president of the United States, Donald Trump, announced a commercial agreement with the United Kingdom, increasing hopes of similar agreements with other countries.
* Cash gold yielded 1.9% to $ 3,301,15 at 1707 GMT. American gold futures fell 2.5% to $ 3,306.
* Trump and the British prime minister, Keir Starmer, announced a “decisive agreement” on trade. A 10% tariff is maintained on imported goods from the United Kingdom, while the United Kingdom agreed to reduce its 1.8% tariffs from 5.1% and provide greater access to US goods.
* “If an agreement between the United States and China is reached, there will be a lot of upward resistance and gold should go back at least $ 3,200,” said Bob Haberkorn, Rjo Futures Market Strata.
-* The Secretary of the Treasury, Scott Besent, and the United States Trade Representative, Jamieson Greer, will meet with China’s most economic head on Saturday in Switzerland.
* The ingot, widely considered as coverage against geopolitical uncertainty, had reached multiple historical maximums since Trump first announced his tariffs.
* Meanwhile, the Central Bank of China approved currency purchases by commercial banks to pay gold imports under recent installments, two people said with direct knowledge of the matter.
* “In theory, this measure should boost gold prices, since the increase in China’s demand becomes a factor. However, current market dynamics is dominated by events around tariffs,” said Zain Vawda, Marketpulse by Oanda analyst.
* Gold reserves in the warehouses of the London Metal Stock Exchange increased in April, due to a greater return of the precious metal from New York. Market operators had increased gold deliveries to the United States in the December-March period to cover their positions in Comex due to the possibility that the United States imposed import tariffs.
* Among other precious metals, cash in cash was stable at $ 32.43, platinum rose 0.3% to $ 976.67 and the paladium fell 0.1% to 971.94 dollars. (Sarah Qureshi report, Ashitha Shivaprasad and Anjana Anil in Bengaluru; edited in Spanish by Carlos Serrano and Ricardo Figueroa)
