Gold hovered around $3,320 an ounce on Wednesday, staying near a three-week low as easing trade tensions reduced the metal's safe-haven appeal. The US–EU agreement, which imposed a 15% tariff on most European goods, helped avert a broader trade conflict. With additional ongoing talks with Canada, South Korea, and others, investors are increasingly optimistic that further escalations can be avoided.
Meanwhile, the US and China are continuing discussions to extend a tariff truce set to expire in two weeks, with President Trump expected to make the final decision on any extension. Investors are also closely watching the FOMC decision due today.
While the Fed is widely expected to keep rates unchanged, markets will focus on Chair Powell's press conference for any signals of a possible rate cut in September. Attention is also turning to a series of key US economic reports. So far this week, job openings came in slightly below expectations, while consumer confidence ticked higher.
Source: Trading Economics
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