23.10.202501:18:08UTC+00Gold Declines for Third Session

Gold prices declined to approximately $4,080 per ounce on Thursday, marking the third successive session of decreases amid persistent selling pressure after reaching record highs repeatedly in recent weeks. The metal now stands roughly 6% below its peak, following its most significant weekly drop in over five years. Contributing to this downward trend is the optimism surrounding a possible US-China trade agreement, spurred by upcoming discussions between Presidents Trump and Xi Jinping. Trump's recent conciliatory statements towards China have also diminished gold's appeal as a safe haven. Nevertheless, gold remains approximately 55% higher for the year and has increased by more than 5% this month. This upward movement has been bolstered by expectations of two additional interest rate cuts by the Federal Reserve before the end of the year. Additionally, geopolitical tensions continue to provide some support, with the United States imposing new sanctions on Russia shortly after reports emerged that the anticipated Trump-Putin summit was delayed following Moscow's refusal to agree to a Ukraine ceasefire.