Gold descended more than 1% to reach its lowest level in two weeks this Thursday, weakened by distension signals in commercial tensions that promoted the appetite for risk and reduced the attractiveness of the precious metal as a safe refuge. In addition, the fortress of the US dollar also pressed down prices.
Cash gold fell 1.8% to $ 3,230.24 The ounce at 07:51 GMT, after touching its minimum from April 15.
Gold futures in the United States lost 2.4% and were $ 3,238.60.
The dollar index rose 0.5%, making gold called in dollars for buyers who use other currencies.
“There is a continuous hope that some trade agreements are soon signed that allow you to maintain lower tariffs,” said Giovanni Staunovo, an UBS analyst, who added that this optimism, along with a stronger dollar, is exerting pressure on gold.
The president of the United States, Donald Trump, declared Wednesday that they were possible commercial agreements with India, Japan and South Korea. He also said there were “very good possibilities” to reach an agreement with China.
The US economy contracted in the first quarter for the first time in three years, weakened by an increase in imports, since companies tried to anticipate the imposition of higher tariffs.
However, those responsible for the Federal Reserve indicated that short -term interest rates will remain unchanged until there are clear signs that inflation is approaching the 2% target of the central bank or a possible deterioration in the labor market is observed.
Investors expect the non -agricultural payroll report on Friday to obtain more clues about the Fed policy direction.
“A weaker employment report should support the calls for more features of fees by the Fed this year and would allow gold to return to $ 3,500 per ounce in the coming months,” said Giovanni Staunovo.
Analysts consulted in a quarterly reuters survey for the first time forecast an average annual price of gold above $ 3,000.
The World Gold Council reported an interannual increase of 1% in the global gold demand, including extraburstile operations, up to 1,206 metric tons in the first quarter of 2025, driven by a 170% rebound in investment.
Gold, a metal without yield considered coverage in the face of political and financial instability, briefly touched the $ 3,500 last week.
Silver in cash fell 1.5% to $ 32.11 the ounce, the platinum backed 1% to $ 956.82 and the paladium remained stable at $ 937.53.
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