Muscat: Gold for current-month delivery on the Comex exchange dropped by $23.10, or 0.68%, settling at $3,371 per ounce. The dip comes amid a wave of optimism following the U.S.’s successful conclusion of several trade pacts, which eased global economic uncertainty.
Silver wasn’t spared either, sliding by 25.70 cents to $39.021 per ounce.
Market analysts attribute the pullback in precious metal prices to the U.S. reaching framework agreements with major trading partners including the United Kingdom, China, Vietnam, Indonesia, the Philippines, and Japan. Meanwhile, intensive talks are underway with Canada, South Korea, India, and the European Union to beat the August 1 deadline for imposing higher tariffs.
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