Gold futures fell 1.05% to $1,752.40 per ounce at 9:54 PM ET. After rising to $1,770.41 per ounce, the highest level since Sept. 23. The dollar, which normally moves against gold, rose.
Katherine Tai, the U.S. trade negotiator promised to ease some of the tariffs previously imposed by the Donald Trump administration on goods from China. At the same time, she wants to urge Beijing to start new negotiations in the coming days.
She also said that the U.S. government will do everything it can to protect its economic interests. This includes taking all necessary measures to protect the United States from the harm caused by unfair trade competition. China has repeatedly infringed on patent rights in the past, for example. What is still unclear, however, is what the Biden administration’s economic interests actually are.
Already in the recent past, several countries including the U.S. have strengthened economic cooperation with Western countries again. Efforts are being made to reduce dependence on China and to reduce its power position. Especially when it comes to the switch to electric vehicles, China has so far held the trigger thanks to its large rare earth deposits. The last time China used their rare earth as leverage, prices exploded.
India’s gold imports have skyrocketed this year. After a weak last year, imports surged 658% in September.
Asia-Pacific, India’s gold imports rise 658% in September from a low 2020 baseline.
The Reserve Bank of Australia presented its monetary policy decision this morning, leaving the interest rate at a low 0.10%. This decision is probably unsurprising in view of the tense situation in eastern Australia. Millions of citizens are fighting for their rights and freedom after endless COVID measures by the Australian government.
Other precious metals: silver fell 0.57% to $22.65 per ounce, platinum fell 0.83% to $966.0 per ounce, and palladium is up 1.09% to $2,006.00 per ounce.