FX.co ★ Gold Drifts Lower

Gold prices decreased to approximately $3,330 per ounce on Tuesday, as market participants closely watched developments in trade discussions and anticipated a range of forthcoming economic data. On Monday, Treasury Secretary Scott Bessent remarked that several major U.S. trading partners have put forward "very good" proposals to avoid U.S. tariffs. He further noted that China's recent decision to exclude certain U.S. products from its punitive tariffs suggests a desire to ease tensions. Bessent highlighted that various branches of the U.S. government are engaged with China, but stressed that for tensions to diminish, China must take proactive measures. The focus is now turning to pivotal U.S. economic reports expected this week, including the initial estimate of the first quarter GDP, March's Personal Consumption Expenditures (PCE) inflation figures, and April's nonfarm payroll statistics. These reports are anticipated to offer new perspectives on the state of the economy and the Federal Reserve's future policy direction.