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Optimism surrounding a potential US-EU trade agreement, following a recent US-Japan deal, has pushed gold prices down to $3,389.015, a 1.24% decline. The US-Japan accord, which cut tariffs on Japanese auto exports from 25% to 15% and secured $550 billion for infrastructure, has eased global trade tensions, diminishing gold’s safe-haven appeal.
Talks of a US-EU deal with 15% tariffs on EU goods have surfaced, though doubts linger about the terms’ reliability. Despite a 0.21% drop in the US dollar index, rising US Treasury yields at 4.384% have pressured gold further.
June’s US housing data underperformed, with existing home sales dropping 2.7% to 3.93 million units, as markets await upcoming jobless claims and durable goods figures.
Technically, gold’s retreat from a five-week high of $3,438 suggests consolidation below $3,400, with buyer momentum fading per the Relative Strength Index. A sustained dip could test support at $3,350 or $3,328, while a breakout might aim for $3,452. Investors should track trade negotiations and economic indicators for clues on future market moves.
