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Commodity Mid Session News

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(29 Apr 2025, 14:44)

Traders dump gold on trade peace buzz, all eyes on US data

Gold prices dropped below $3320 per ounce on Tuesday as easing concerns over the U.S.-China trade war reduced demand for safe-haven assets. The decline was mirrored in domestic markets, with MCX gold June futures falling ₹631 to ₹95394 per 10 grams. Investors are now awaiting crucial U.S. economic data later this week, including Q1 GDP, March PCE inflation, and April nonfarm payrolls, which could offer clearer signals about the health of the U.S. economy and the Federal Reserve’s next policy steps. Meanwhile, Treasury Secretary Scott Bessent said that several key trading partners have made “very good” tariff offers, and China’s move to exempt some U.S. goods from retaliatory tariffs showed a willingness to reduce tensions. Bessent also stated that various branches of the U.S. government are in contact with China but emphasized that it is China’s responsibility to act. Adding to the risk-on sentiment, reports indicated President Trump would move to soften the impact of automotive tariffs.
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