Spot gold rose 0.5% to $3,250.50 an ounce, as of 0458 GMT. Bullion recorded a 2.7% decline in the previous session.
After two days of negotiations in Geneva, U.S. and China announced tariff reductions for the next three months, with U.S. tariffs on Chinese imports dropping from 145% to 30% and Chinese duties on U.S. imports falling to 10% from 125%, leading to a surge in global shares.
“There is some value-buying happening on gold at current levels which is helping to prop up the price, despite the generally better outlook for global growth with the US and China on better terms,“ said KCM Trade Chief Market Analyst Tim Waterer.
Federal Reserve Governor Adriana Kugler said the pause on import levies reduces chances that the U.S. central bank will need to lower interest rates in response to an economic slowdown.
The market is expecting a 55-basis-point rate cut this year by the Fed, starting September.
Gold, traditionally considered a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.
Spot silver rose 1.3% to $33.02 an ounce, platinum rose 1.1% to $985.31 and palladium was up 0.2% to $947.51.
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