Gold prices tumbled over 3% on Monday, following improvements in risk appetite after weekend discussions between the US and China, which agreed to a 90-day tariff reduction. At the time of writing, the XAU/USD trades at $3,225, having hit a daily high of $3,326.
Wall Street registers gains in the aftermath of the US-China deal, in which both countries lowered duties and agreed to sustain further talks to reach a trade agreement following a meeting in Switzerland.
Washington and Beijing agreed to lower duties from 145% to 30% and from 125% to 10%, respectively, as revealed in a joint statement released.
Consequently, Bullion, used as a hedge amid times of uncertainty, plummeted to over $100 due to the appreciation of the US Dollar. The US Dollar Index (DXY), which tracks the performance of the Greenback's value versus six currencies, surged over 1.25% to 101.74.
Rising US Treasury yields sent Gold slumping. Meanwhile, traders lowered their bets that the Federal Reserve (Fed) would cut rates just twice instead of three, according to data revealed by Prime Market Terminal.
Investors' attention shifts to the release of the US Consumer Price Index (CPI) report on Tuesday, followed by the Producer Price Index (PPI) and Retail Sales reports.
Source: Fxstreet
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