13/5/2025–|Last update: 11:50 (Mecca time)
Gold prices recovered today, Tuesday, amid the seizure of deals after the prices recorded their lowest levels in more than a week in the previous session, as the demand for risk after the agreement between the United States and China was strengthened to reduce the temporary customs duties temporarily, which in turn reduced the demand for safe haven such as gold.
Gold increased in instant transactions 0.72% to 3258.29 dollars an ounce, and gold recorded a decrease of 2.7% in the previous session.
US gold futures rose 1.05% to 3261.70 dollars.
After negotiations that lasted two days in Geneva, the United States and China announced discounts in customs duties for the next three months, and US customs duties were reduced on Chinese imports from 145% to 30%, and Chinese customs duties on American imports decreased from 125% to 10%, supporting global stocks.
The United States and China imposed mutual customs duties last month, which sparked a trade war.
“The possibilities of improving trade relations between the two largest economies in the world have strengthened the demand for risk and thus the demand for safe haven has declined,” said Tim Waterwar, chief market analyst at KCM, Tim Water.
Dealers await the US consumer price index report, scheduled for later on Tuesday, to obtain new indicators on the path of the Federal Reserve Monetary Policy (US Central Bank).
The market expects the US Central Bank of interest rates to be reduced by 55 basis points this year, starting in September.
“If inflation data does not result in a decrease, the dollar momentum may be weakened, which may contribute to the rise of gold in the future,” Waterwar said.
The gold, which is seen as a safe haven in political and economic blurring times, usually tends to rise under low interest rates.
The performance of other precious metals was as follows:
- Silver increased in instant transactions 1.62% to $ 33.13 an ounce.
- Platinum rose 0.70% to 989.82 dollars.
- Palladium rose 0.05% to 950.06 dollars.
Oil
Oil prices stabilized today, Tuesday, after reaching the highest level in two weeks, affected by concerns about the high supplies with the continued impact of the trade war between the United States and China and signs of the possibility of a long -term agreement.
Brent crude futures rose 8 cents or 0.08% to $ 65.04 a barrel, and the West Texas Intermediate crude barrel increased 7 cents or 0.11% to $ 62.03.
The two standard crudes ended on Monday at a rise of about 1.5%, recording the highest closure level since April 28, and the increase came in a period of turmoil in the global oil markets.
The United States and China agreed to reduce the huge customs duties for at least 90 days, which prompted the shares in Wall Street, the dollar and the oil prices to rise significantly yesterday.
ING analysts said in an e -mail to customers that the decline in trade tension between China and the United States is useful, but the uncertainty is still on what will happen during the ninety days, and this ambiguity may continue to create unfavorable conditions for oil.
The disagreement points that led to the conflict still exist, which include the US trade deficit with China and the demand of President Donald Trump Beijing for more measures to address the Fntanil crisis in the United States.
“There is still a severe blurring situation regarding the future of trade negotiations between the United States and China in the next 90 -day stopping period and beyond, given the fundamental differences between China and the United States on some basic issues,” wrote the chief analyst concerned with Chinese affairs at UBS and Wang Tao in a memorandum.
The markets view the high supplies as a major engine for weak oil prices.
“Although the demand is a major concern for the oil market, OPEC+ increases means that the oil market will have good supplies during the rest of the year,” said the ING analysts, adding that the extent of supplies to the market will depend on whether the OPEC+ Group will adhere to sharp production increases in May and June.
The Organization of Petroleum Exporting Countries (OPEC) and its allies increased oil production with more than expected since April, and production is likely to increase in May by 411 thousand barrels per day.
However, some indicators have led to the demand for refined fuel still strong to reduce low oil prices.
“Despite the deterioration of demand for crude oil, positive signals from fuel markets cannot be overlooked. Despite the decrease in international crude oil prices by 22% since its peak on January 15, the prices of refined products and refining margins have been stable,” analysts at JP Morgan said in a memorandum.
