Gold prices fell more than 1% to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited U.S. inflation data for clues on the future trajectory of interest rates.
Spot gold lost 1.4% to $3,282.68 U.S. per ounce, its lowest since late May. Prices have fallen by over 2% this week and more than $200 from a record high scaled in April. U.S. gold futures fell 1.6% to $3,294.50.
The Iran-Israel ceasefire, brokered earlier this week by U.S. President Donald Trump, appears holding for now.
A White House official said on Thursday that the U.S. has reached an agreement with China on how to expedite rare earths shipments to the U.S. July 9 is the deadline for Trump’s “reciprocal” tariffs as nations rush to get an agreement.
Spot silver fell 1.8% to $35.96 U.S.. Platinum dropped 5.9% to $1,334.63 U.S., after hitting its highest since 2014. Palladium fell 1.2% to $1,117.96 U.S., which officials at Commerzbank ascribe to the high discount to gold.
