Gold Falls, Markets Relieved After Greenland Tariff Cancellation
Gold prices fell in early trading after US President Donald Trump canceled planned tariffs on European countries and stated that a "framework for a future agreement" regarding Greenland had been reached. This decision eased geopolitical tensions, prompting investors to reduce their interest in safe-haven assets like gold, which had previously reached a record high above USD 4,888 per ounce.
The easing tensions also boosted the US dollar, with the Bloomberg Dollar Spot Index rising 0.1%, putting pressure on precious metal prices. As of 7:36 a.m. Singapore time, gold was down 0.8% at USD 4,793.96 per ounce, silver was down 1.3% at USD 91.86, while platinum and palladium also weakened. (az)
The price of gold at the time of this analysis was $4,790
- Buy if the price is at $4,797
- Sell if the price is at $4,783
Resistance 2: $4,811
Resistance 1: $4,804
Support 1: $4,776
Support 2: $4,769
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id