Silver to $39.50: Up 9.4% Past 30 Days
Gold retreated from recent gains, falling to around $3,310 per ounce as markets digested mixed signals from ongoing trade negotiations.
The precious metal’s decline reflects reduced safe-haven demand as multiple US trade partners work toward agreements, with Treasury Secretary Bessent suggesting a potential three-week extension beyond the July 9 deadline for countries still negotiating.
Despite this optimism, gold found support from President Trump’s firm stance on imposing higher tariffs on non-compliant nations and his confirmation of sweeping reciprocal tariffs starting August 1. The market is also factoring in strong labor market data from last week, which has dampened hopes for a July interest rate cut by the Federal Reserve.
