Gold loses sparkle after China-US trade truce

Gold, like other safe havens, lost some of its lustre on Monday. Investors seemed to have rediscovered their appetite for risk, with China and the United States announcing the suspension for 90 days of part of their punitive customs duties. +Get the most important news from Switzerland in your inbox Shortly before 1pm, an ounce of gold continued to plummet, shedding no less than 3.42% to $3,210.29 (CHF2,700). The precious metal, which had reached an all-time high of over $3,500 an ounce on April 22 amid high market volatility fuelled in particular by US President Donald Trump's trade policy and his disagreements with Jerome Powell, Chairman of the US Federal Reserve, had previously hit a one-week high of $3,260. Gold had been under pressure since Sunday, when US Treasury Secretary Scott Bessent reported "substantial progress" in trade negotiations between China and the United States. The Chinese side was more measured, referring to "solid sustainable development". Nevertheless ...