AU/USD drops 0.63% to $3,955 after rebounding from three-week lows under $3,900
Gold price drops 0.63% on Tuesday during the North American session with the yellow metal suffering from its safe-haven appeal as hopes of a de-escalation of the US-China trade war keep ebbs and flows going toward riskier assets like US equities. At the time of writing, XAU/USD trades at $3,955, after bouncing off three-week lows beneath $3,900.
The US-China trade war seems to be fading following last week's meeting between senior officials in Malaysia. Discussions about tariffs, shipping fees, fentanyl and rare-earth export controls had set the stage for a possible agreement as US President Donald Trump and his Chinese counterpart Xi Jinping will meet on Thursday.
Meanwhile, geopolitics could cap Gold's losses as the Jerusalem Post reported that "The response to the current violations by Hamas will be significantly greater than the response last time," citing sources.
If hostilities in the Middle East resume, Bullion could trim some of its last two weeks' losses and be poised to reclaim the $4,000 figure.
Gold, a traditional hedge during times of uncertainty and a non-yielding asset, has gained 51% this year, bolstered by geopolitical and trade tensions, as well as lower interest rates in the US.
Aside from this, the Federal Reserve (Fed) is expected to cut rates by 25 basis points (bps) at the Wednesday's meeting, followed by a subsequent reduction in December, according to Prime Market Terminal interest rate probability tool.
Source: fxstreet
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