Overview

• Gold prices have dropped to $3,140 per ounce, down over 10% from the record high of $3,431.77 reached on May 6, 2025.
• The US and China have implemented a 90-day tariff reduction, with US tariffs on Chinese goods cut to 30% and Chinese tariffs on US goods reduced to 10%.
• The easing of trade tensions has diminished gold's safe-haven appeal, prompting a shift toward equities and other risk-on assets.
• Despite the pullback, investors see opportunities in gold producers and ETFs, supported by strong central bank buying and expectations of Federal Reserve rate cuts.
• Analysts predict gold may consolidate further in the short term, with potential support around $3,080 per ounce, as geopolitical and economic uncertainties stabilize.