Published Tue, Apr 29, 2025 · 10:47 AM
[BENGALURU] Gold prices fell on Tuesday (Apr 29) as easing trade tensions between the US and its trading partners dented the metal’s safe-haven appeal, while investors awaited US economic data to assess the Federal Reserve’s policy path.
Spot gold fell 0.3 per cent to US$3,332.99 an ounce (oz) as at 0034 GMT. US gold futures lost 0.1 per cent to US$3,343.20.
US Treasury Secretary Scott Bessent said on Monday that several top trading partners had made “very good” proposals to avoid US tariffs, with India likely to be among the first to finalise a deal.
China’s recent moves to exempt certain US goods from its retaliatory tariffs showed a willingness to de-escalate tensions between the world’s two largest economies, Bessent added.
Meanwhile, risks are high that the global economy will slip into recession this year, according to a majority of economists in a Reuters poll, with many saying US President Donald Trump’s tariffs have damaged business sentiment.
Bullion, traditionally seen as a hedge against political and financial instability, rose to an all-time high of US$3,500.05/oz last week due to elevated uncertainties.
Investors will keep a tab on a series of economic data this week, with the US job openings report due later in the day, Personal Consumption Expenditures on Wednesday and the non-farm payrolls report on Friday. The data will help gauge the impact of the latest Trump tariffs on the Fed’s policy outlook.
Among other metals, spot silver fell 0.2 per cent to US$33.10 an ounce, platinum was steady at US$986.13 and palladium lost 0.3 per cent to US$946.51. REUTERS
Share with us your feedback on BT’s products and services
