Gold price today in US: Spot dips to $2,283 amid easing global tensions
By 0839 GMT, spot gold was down 1.3% at $3,283.56 an ounce, the lowest it's been since late May. This week alone, prices are down more than 2%, and gold has lost over $200 since reaching its all-time high back in April. US gold futures also slipped, falling 1.6% to $3,295.70.
One of the main reasons behind this drop is the ceasefire between Iran and Israel, which was arranged earlier in the week by President Donald Trump. So far, it's holding.
In other global news, a White House official said Thursday that the US and China have made a deal to speed up the shipment of rare earth materials to the United States.
Also Read: Gold Price today in US: What's behind the rise in prices and will they keep going up?
Nitesh Shah, a strategist at WisdomTree said, "We had an absolutely fantastic run a few months ago. It's quite conceivable that after such strong upward momentum, we're now seeing some mean reversion."
He also said the market is starting to turn its attention back to trade issues, especially with several temporary deals about to expire.
A key date to watch is July 9, when Trump's plan for 'reciprocal' tariffs could kick in if countries don't reach a new agreement.
Next up for markets is the release of the Personal Consumption Expenditure (PCE) inflation data, set to come out at 12:30 GMT. It's a key number the Fed watches closely.
Minneapolis Fed President Neel Kashkari mentioned that some price increases from tariffs might take time to show up. Richmond Fed President Thomas Barkin added that the tariffs will likely push inflation higher in the coming months.
Even though gold is often used to protect against inflation and economic uncertainty, it tends to lose its shine when interest rates are high, since it doesn't earn any income. Other metals dropped too:
Silver fell 1.4% to $36.09
Platinum dropped 3.8% to $1,363.66, after reaching its highest level since 2014
Palladium edged down 0.2% to $1,129.98
Analysts at Commerzbank said the recent jump in platinum prices could be because it's still much cheaper than gold, which some investors now see as overpriced.
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