Gold, Silver Fall Sharply on US-China Tariff Deal

Gold prices fell nearly 3% after the US and China reached a temporary 90-day deal to sharply reduce tariffs, which boosted global risk appetite and led to declines in both gold futures and spot prices. The US dollar strengthened and equities rallied, while gold mining stocks, particularly Newmont and Agnico Eagle Mines, also suffered notable losses. Easing geopolitical tensions, including the India-Pakistan ceasefire and ongoing Russia-Ukraine negotiations, further weakened demand for safe-haven assets. Investors are now awaiting the release of the US Consumer Price Index, which could impact future Federal Reserve decisions. Despite the recent slide, gold remains up over 20% for the year, and some analysts and banks are still bullish on its long-term outlook due to persistent economic uncertainties.