FX.co ★ Gold Hovers Near 3-Week Lows

On Tuesday, gold prices slightly increased to approximately $3,310 per ounce, remaining near their lowest point in almost three weeks. This shift is attributed to diminishing demand for safe-haven assets amid signs of easing trade tensions. Investors are closely observing the ongoing negotiations between the United States and China, with many anticipating a 90-day extension to the tariff pause deadline originally set for August 12. This week marks a crucial period for President Donald Trump’s trade strategy, with a significant deadline this Friday for other nations to finalize agreements, following a recent accord with the European Union that imposes a 15% tariff on most European goods. Concurrently, discussions continue with other key trading partners, such as Canada and South Korea. In addition, the US Federal Reserve is set to convene this week, and it is largely anticipated that interest rates will remain unchanged, though market participants are factoring in the possibility of a rate cut in September.