Gold fell to around $3,330 per ounce on Wednesday, trimming over 1% gains from the previous session as easing geopolitical risks reduced its safe-haven appeal. President Trump said Tuesday Israel agreed to a 60-day Gaza ceasefire and warned Hamas to accept before conditions worsen.
Meanwhile, a weaker US dollar limited losses amid fiscal concerns and trade uncertainty. The Senate passed Trump's tax-and-spending megabill, sending it back to the House, which is projected to add $3.3 trillion to the national debt. Trump also expressed frustration over US-Japan trade talks, threatening a 35% tariff on Japanese imports.
On the monetary policy front, Fed Chair Powell said the Fed remains patient on rate cuts but hasn't ruled out a reduction this month, while Treasury Secretary Bessent expects cuts by September. Investors now await key US labor data this holiday-shortened week, with Thursday's payrolls report in focus for more clues on the Fed's policy path.
Source: Trading Economics
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