Gold moved in the $3230 area during the European trading session on Wednesday (5/14), several supporting factors are now easing, one of which is from the geopolitical side and the US-China trade war. This continues to weigh on its appeal as a safe haven asset.
The precious metal remains about a fifth higher this year, after hitting a record high above $3,500 an ounce last month as trade tensions escalate. Investors worry that the confrontation could trigger a slowdown in growth or recession, as well as faster inflation.
Until this news was released, the price of gold was at the level of $ 3,230
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