Gold (XAU/USD) attracts sellers on Wednesday, hovering near $3,293 during the American trading session, down nearly 1.0% on the day. The yellow metal is losing ground after stronger-than-expected US economic data.
Easing trade tensions have dampened Gold's safe-haven appeal, keeping gains in check. However, a softer US Dollar (USD) and a modest pullback in Treasury yields are offering some support. Still, overall risk-on sentiment in the markets is limiting upside momentum as traders brace for the Federal Reserve's (Fed) monetary policy decision, due Wednesday at 18:00 GMT.
Gold came under pressure last week as improving risk appetite, driven by a series of trade deals, reduced demand for safe-haven assets. The recently announced US-EU deal, which imposes a 15% flat tariff on a wide array of European imports, has added to market optimism that global trade tensions may be cooling. Earlier, the United States (US) also reached a preliminary deal with Japan.
Adding to the cautious optimism, negotiations are underway with Canada, South Korea and other trading partners, with hopes high that several more deals could be finalized before the August 1 deadline on Friday.
Meanwhile, US-China trade talks concluded in Stockholm on Tuesday with both sides pledging to maintain open communication and uphold the current tariff truce, set to expire on August 12. While no formal extension was agreed upon, negotiators described the tone as constructive. US President Donald Trump is expected to make the final call on whether to extend the truce, keeping markets in wait-and-watch mode.
Source: Fxstreet
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