US-EU trade negotiations weaken safe-haven demand, gold prices maintain downward trend
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Due to the easing of trade relations between the US and Europe, market risk aversion has cooled, and gold prices have continued to decline slightly, with spot gold trading around $3,347 per ounce. The European Union is accelerating negotiations with the United States to avoid a trade war, which has put pressure on the demand for safe-haven assets like gold. Although gold prices have fallen $165 from historical highs, they are still up over 25% year-to-date. Citigroup predicts that gold prices will reach $3,500 in the short term, and investors are focused on the upcoming release of the US core PCE price index
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