Gold Prices Fall Amid Global Trade Deals
(MENAFN) The value of gold fell by nearly 2 percent on Friday, marking a daily decline influenced by advancements in trade discussions involving multiple nations and the United States.
As of 1330GMT, the cost of an ounce of gold had decreased by 2.05 percent, reaching USD3,258.50.
This downward trend in gold prices came shortly after US President Donald Trump revealed on Thursday that a trade agreement had been finalized with China, and that another substantial agreement with India might soon follow.
"We're having some great deals. We have one coming up, maybe with India, a very big one, where we're going to open up India," the president stated.
Simultaneously, trade talks between the United States and the European Union remain in progress. The EU is aiming to finalize a pact before the upcoming tariff cutoff date on July 9.
At the same time, the White House hinted that the president may be open to delaying the tariff deadlines.
When questioned about whether President Trump remains intent on securing trade deals by the designated date, spokesperson Karoline Leavitt responded that the deadline is "not critical."
"Perhaps it (deadline) could be extended, but that’s a decision for the president to make," Leavitt remarked.
Another factor contributing to the dip in gold prices was the reduction of geopolitical tension between Israel and Iran, following the announcement of a ceasefire agreement last week.
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