Published Mon, Apr 28, 2025 · 09:09 AM
[BENGALURU] Gold prices eased on Monday (Apr 28) as the thawing of trade tensions between the US and China provided some relief to investors, while a stronger US dollar further weighed on prices.
Spot gold fell 0.3 per cent to US$3,309.31 an ounce, as at 0016 GMT. Bullion hit a record high of US$3,500.05 on Apr 22.
US gold futures gained 0.7 per cent to US$3,320.30.
The US dollar rose 0.2 per cent against a basket of currencies, making bullion more expensive for overseas buyers.
The Trump administration signalled openness last week to de-escalating a trade war between the world’s two largest economies that has raised fears of recession. Trump has said talks on tariffs were taking place with China.
On Friday, China exempted some US imports from its steep tariffs in a sign that the trade war between the two countries could be easing, though China quickly knocked down US President Donald Trump’s assertion that negotiations were underway.
Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest-rate environment.
On the physical front, gold discounts in India jumped last week to the highest level in nearly nine years as record prices deterred buyers, while premiums in China rose to a more than one-year peak, leading to increased shipments to the world’s largest bullion consumer.
Among other metals, spot silver fell 0.6 per cent to US$32.87 an ounce, platinum eased 0.1 per cent at US$970.80 and palladium lost 0.6 per cent to US$942.71. REUTERS
Share with us your feedback on BT’s products and services
