Spot Gold eased from a 5-week peak of $3,439.03 on Wednesday, after a trade deal announcement between the US and Japan lifted market sentiment.
Yet, a softer US Dollar and lower Treasury yields have limited Gold’s losses.
US President Trump announced a “massive” trade agreement with Japan, under which the US will impose a 15% reciprocal tariff and Japan will open its market to more US-originated goods.
At the same time, US and Chinese officials will hold a meeting in Stockholm next week to discuss an extension to the August 1st deadline for securing a trade deal.
The US Dollar Index hovered above a two-week low and was last up 0.07% to 97.471. A weaker dollar makes dollar-priced Gold more appealing to international investors holding other currencies.
And, 10-year US Treasury yield dropped to its lowest level since July 9th.
Spot Gold was last down 0.19% on the day to trade at $3,425.14 per troy ounce.
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