Gold drops to $3,296 as China exempts some U.S. goods from tariffs, raising hopes of trade deal and stronger dollar impact.
declined more than 1% on Friday and was headed for a weekly fall as news that China has exempted some U.S. goods from its tariffs raised hopes of a de-escalation in trade tensions.
China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified. China has not yet communicated publicly on any exemptions.“A U.S.-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors,“ Vawda said.
Meanwhile, Federal Reserve officials indicated they saw no urgency in revising U.S. monetary policy as they sought more information to determine how Trump's tariffs were affecting the economy.Meanwhile, gold discounts in India jumped this week to the highest level in nearly nine years as high prices deterred buyers, while premiums in China rose to a more than one-year peak.
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