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Gold Retreats Below $3,300 as Dollar Strengthens Amid Easing Trade Tensions
Gold Retreats Below $3,300 as Dollar Strengthens Amid Easing Trade Tensions
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Gold prices have dipped below the $3,300 mark, pressured by a resurgent US dollar as US-China trade tensions show signs of easing. The precious metal now tests critical support at $3,260, with technical analysts warning of further downside if this level fails to hold.
Chinese demand reveals a bifurcated market: jewelry consumption fell 6% year-over-year while investment demand for bars and coins surged over 30%. This divergence highlights gold’s dual role as both adornment and haven asset.
All eyes turn to upcoming US economic data releases that could reignite gold’s safe-haven appeal. Should recession fears resurface, the metal may find renewed momentum despite current dollar strength.
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