Gold edges lower as trade tensions ease

Gold bars

Gold futures slipped after US President Donald Trump announced a trade agreement with Japan, easing concerns ahead of the imminent implementation of new tariffs.

During Wednesday’s session, August gold futures fell 0.15%, or $5.5, to $3,438.2 per ounce.

Spot gold prices also declined 0.2%, or $7.71, to $3,423.77 per ounce at 8:25 a.m. Makkah time.

Meanwhile, the US dollar index, which measures the greenback against a basket of six major currencies, rose 0.15% to 97.52 points.

Elsewhere in the metals market, September silver futures rose 0.25% to $39.65 per ounce. Spot platinum prices held steady at $1,445.42, while spot palladium gained 0.2% to $1,280.87.

Trump continued his criticism of Federal Reserve Chair Jerome Powell, calling him a “fool” for keeping interest rates too high and saying he would leave office in eight months, Reuters reported.

The comments came after US Treasury Secretary Scott Bessent said American and Chinese officials are scheduled to meet in Stockholm next week to discuss extending the deadline for reaching a bilateral trade deal.