Gold prices drop as US-China trade deal sparks market optimism
Photo: Reuters
The price of gold fell sharply on Monday, dropping 3% to around $3,220 per ounce by 08:15 GMT, as markets reacted to news of a breakthrough in US-China trade negotiations.
The US and China said in a joint statement on Monday that they had agreed to a broad rollback of punitive tariffs for the initial 90 days, News.Az reports, citing foreign media.
The US will reduce its tariffs on Chinese products from 145% to 30%, while China's will be reduced from 125% to 10% by May 14.
The price of gold per ounce has recently reached historical highs, exceeding $3,400 amid global trade tensions caused by US tariffs.
In early April, the US decided to impose high tariffs on all countries of at least 10%.
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