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May1, 2025

Anna Murray 

The stock market has benefited substantially from the indications that tariffs on China are being loosened. The price of gold declines as demand for safe-haven assets is weakened by indications of a reduction in US-China trade tensions.

On April 29, President Donald Trump stated that US tariffs would be significantly reduced, but not eliminated entirely. Trump also claimed that he saw no need to play hardball with Chinese President Xi Jinping.

Gold prices hit a new record of nearly $3,500/oz earlier on April 22. Market anxieties were calmed by indications of progress on US-China tariffs. The optimism is further bolstered by indications of progress in tariff negotiations. Gold price drops to the vicinity of the $3,265-3,260 pivotal support on April 29.