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On Monday, gold prices fell slightly from a record high after news of a reduction in trade tensions between the US and China. President Donald Trump has exempted a number of technology products, including smartphones and computers, from US tariffs.
This was reported by Reuters.
The spot price of gold fell by 0.1% to $3,232.49 per ounce after hitting a historic high of $3,245.42.
US gold futures rose 0.1% to $3,248.30.
Goldman Sachs raised its forecast for the price of gold to $3,700 per ounce by the end of 2025, given the strong demand from central banks and ETFs.
“The cancellation of tariffs on technology has reduced demand for safe assets, but the weak dollar is supporting gold. If this trend continues, gold could rise to $3,300 again,” said Tim Waterer, chief analyst at KCM Trade.
