MUSCAT : Spot gold dropped 0.3% to $3,421.15 per ounce, with futures also down 0.3% at $3,434.75. Despite the dip, gold has gained over 2.2% this week and remains less than $100 away from its all-time high of $3,500 per ounce reached in April.
The decline in gold came after U.S. President Donald Trump announced a new trade pact with Japan, reducing tariffs on Japanese auto exports from 25% to 15% — a move that eased trade tensions and boosted investor confidence. The Tokyo Stock Exchange responded positively, reaching its highest level in a year.
However, the U.S. retained its 50% tariff on Japanese steel and aluminum, and political uncertainty in Tokyo tempered the overall market optimism. Meanwhile, concerns linger over potential trade flare-ups between the U.S. and the European Union, with Brussels reportedly considering counter-tariffs on American goods.
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Among other precious metals, platinum and silver rose between 1% and 3% for the week, despite minor declines today. Industrial metals saw mixed performance: copper futures on the London Metal Exchange edged down 0.1% to $9,907.75 per ton, while U.S. Comex copper futures rose 0.3% to $5.7855 per pound.
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