Gold prices fall by more than 1 % with the decline of tension between America and China

Gold prices fell by more than 1% today, Monday, as the decline in trade tensions between America and China reinforced the appetite for investors for risk and the weakest demand for safe assets such as the precious metal, while the dollar increased the pressure.

The precious metal decreased in instant transactions 1.4% to 3272.89 dollars an ounce by 03:00 GMT, and a high level of $ 3500 was recorded on April 22, and futures fell 0.4% to $ 3283.70 an ounce, while the dollar rose 0.3% against a basket of currencies, making gold the highest cost for other currencies.

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Sigure KCC TITET Tim Wattrar said, “It is fair to say that the risky markets and assets, especially you feel a slight improvement in setting fees now compared to the first weeks of April,” adding, “America’s comments have strengthened last week, optimistic about the possibility of reaching a trade agreement with China, which led to a decrease in demand for safe assets such as gold.”

US President Donald Trump said that talks on customs duties with China, and his administration had indicated this week to open up to calm the trade war between the two largest economies in the world, which sparked fears of recession.

For other precious metals, silver fell 1.2% to $ 32.70 an ounce, and platinum fell 0.6% to 965.70 dollars, while palladium fell 1% to $ 939.