4/28/2025–|Last update: 4/28/202512:33 AM (Mecca time)
Gold prices decreased today, Monday, as the decline in trade tensions between the United States and China have strengthened the appetite of investors for risk and the weakest demand for safe assets such as the precious metal, while the dollar increased the pressure.
Gold fell in instant transactions 0.84% to $ 3290 an ounce, and gold recorded a high record level of $ 3500.05 on April 22.
US gold futures increased 0.04% to $ 3300.10 an ounce, scooping their morning losses.
The US dollar increased 0.25% against a basket of currencies, and this makes gold the highest cost for other currencies.
“It may be fair to say that financial markets and risky assets in particular feel a slight improvement about the customs definitions now compared to the first week of the fever in April,” said Tim Wattrt, chief market analyst at KCM Water.
He added: “Last week, the White House comments reinforced optimism that a trade agreement can be reached between the United States and China, and this led to a decline in demand for safe assets such as gold.”
US President Donald Trump said talks on customs duties with China.
The Trump administration has indicated this week to its openness to calm the trade war between the two largest economies in the world, which sparked fears of recession.
As for other precious metals, its performance was as follows:
- Silver in immediate transactions fell 0.32% to $ 33 an ounce.
- Platinum rose 0.86% to 979.70 dollars.
- Palladium increased 0.13% to 949.85 dollars an ounce.
Oil
Oil prices rose slightly, today, Monday, but they were affected by foggy about trade talks between the United States and China, which casts a shadow over global growth expectations and demand for fuel, while the possibility of OPEC Plus increased its supplies more pessimism.
Brent crude futures rose 9 cents to $ 66.96 a barrel, while West Texas Intermediate crude futures also increased 9 cents to $ 63.10 a barrel.
“The absence of news drives oil prices to rise modestly, as customers take short centers before a possible increase in OPEC Plus from the May 5 meeting and a significant increase in production in the United States.”
It is expected that some members of the Organization of Petroleum Exporting Countries (OPEC) and their allies, or OPEC Plus Group will suggest that oil production increases for the second month in a row when they meet on May 5.
The expectations for increasing supply and concerns about the impact of customs duties on the global economy have caused a decrease in Brent crude and West Texas Intermediate crude by more than 1% last week.
The market was subjected to turmoil due to conflicting signs by US President Donald Trump and China over the progress made to calm the trade war that threatens to reduce global growth.
In the latest comment from Washington, US Treasury Secretary, Scott Besent, did not support Trump on Sunday’s confirmation of negotiations with China. Earlier, Beijing denied any talks.
Investors are also monitoring nuclear talks between Iran and the United States in the Sultanate of Oman, which will continue this week, and Iranian Foreign Minister Abbas Araqji stated that he is still “very cautious” about the success of the negotiations.
