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Gold Prices Drop Sharply
(MENAFN) Gold prices declined by approximately 7.5% on Wednesday, falling to $4,036 after reaching an unprecedented peak of $4,381.6 on Monday.
This week, gold has experienced a downward trend as US President Donald Trump hinted at the possibility of reducing trade tensions with China.
The record high for gold earlier this week was driven by escalating trade disputes between the world's two largest economies, anticipated interest rate reductions by the Federal Reserve, and central banks' increased gold purchases to bolster their reserves.
However, following Trump's comments about securing a "fair deal" with Beijing—after previously threatening to impose 100% tariffs in response to China tightening its rare earth export restrictions—gold prices sharply decreased.
Similarly, silver also saw a significant decline, dropping 12% from its peak of $54.5 last week to $47.9 on Wednesday.
This week, gold has experienced a downward trend as US President Donald Trump hinted at the possibility of reducing trade tensions with China.
The record high for gold earlier this week was driven by escalating trade disputes between the world's two largest economies, anticipated interest rate reductions by the Federal Reserve, and central banks' increased gold purchases to bolster their reserves.
However, following Trump's comments about securing a "fair deal" with Beijing—after previously threatening to impose 100% tariffs in response to China tightening its rare earth export restrictions—gold prices sharply decreased.
Similarly, silver also saw a significant decline, dropping 12% from its peak of $54.5 last week to $47.9 on Wednesday.
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