Gold (XAU/USD) sinks more than 3.0% at the start of the European trading session and heads towards $3,231 at the time of writing as after US and China have brought some low-hanging fruit for the equity markets.
China has agreed to lower its tariffs on the United States (US) to 10% from the initial 125%, while the US will lower its tariffs on China to 30% from 145%, both for 90 days. The announcement caused a risk-on wave in markets, with investors fleeing from safe-haven assets such as Gold.
US President Donald Trump on Friday already hinted at the possibility that the talks could be productive and issued a general message to "buy stocks now" on his Truth Social Network. In this context, Gold has already lost over 8% from its all-time high at $3,500 reached on April 21.
Source:FXStreet
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