The Gold price (XAU/USD) attracts some sellers to near $3,335 during the early Asian session on Monday. The de-escalation of the trade war provides some support to the yellow metal. The FOMC Minute will be the highlight later on Wednesday.
On Sunday, US President Donald Trump said that he agreed to an extension on the tariff deadline on the European Union (EU) until July 9, rescinding his threat of a 50% tariff from June 1. The easing fears of a global trade war drag the precious metal lower.
However, traders will closely monitor the developments surrounding US-Japan trade deals and other major economies' trade deals for fresh impetus. Any signs of escalating trade tensions could boost the safe-haven flows, benefiting the precious metal.
Renewed inflation concerns and a US credit rating downgrade boost could underpin the Gold price. Moody's downgraded the US long-held 'Aaa' credit rating to 'Aa1.' The downgrade added fuel to a weakening US Dollar (USD) and lifted the USD-denominated Gold price.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, expects the rise in gold prices to continue into the month of June 2025. Trivedi stressed key drivers like the US credit downgrade, continued Chinese central bank gold purchases, and trade tensions.
Source: FXStreet
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