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Gold fell nearly 1% on Tuesday as signals of easing US-China trade tensions reduced some safe-haven demand, while investors braced for key economic data this week to gauge the Federal Reserve’s policy outlook.

Spot gold was down 0.8% at USD 3,315.84 an ounce as of 2:22  pm ET (1822 GMT). US gold futures settled 0.4% lower at USD 3,333.6.

“There is some optimism that there will be some de-escalation of the trade war between the US and China,” said David Meger, director of metals trading at High Ridge Futures.

President Donald Trump’s administration plans to lessen the effect of auto tariffs by lowering taxes on foreign parts used in US-made cars and making sure imported cars are not hit with multiple tariffs, officials said.

Softening trade tensions have caused a sell-off in safe-haven gold, a traditional hedge against rising global instabilities, which had risen in an unprecedented rally to notch a record high at USD 3,500.05/oz last week.

US Treasury Secretary Scott Bessent said on Monday that several top trading partners had made “very good” proposals to avoid US tariffs. China’s recent moves to exempt certain US goods from its retaliatory tariffs showed a willingness to de-escalate trade tensions, Bessent added.

Investors’ radar is now on a slew of important US economic data this week, including the personal consumption expenditures price index on Wednesday, and a monthly non-farm payrolls report on Friday.

“Looking at the key level in the near-term, USD 3,500 would be a fair level where you’re going to see people stepping in and starting to liquidate, which is normal ebb and flow of the market,” said Michael Matousek, head trader at US Global Investors.

“For quarter-end, we could probably see gold up at USD 3,590. For the year-end, I would put the forecast at USD 3,800 an ounce.”

Spot silver shed 0.4% to USD 33.02 an ounce, platinum eased about 1% to USD 976.50, and palladium fell 1.3% to USD 936.41.

(Reporting by Anjana Anil and Sarah Qureshi in Bengaluru; Editing by Mohammed Safi Shamsi)

HOUSTON – Brent crude oil prices fell more than USD 1 a barrel on Monday morning as economic worries from the US-China trade war were pressuring demand.

Brent crude futures settled at USD 65.86 a barrel, down USD 1.01, or 1.51%. US West Texas Intermediate crude finished at USD 62.05 a barrel, down 97 cents or 1.545%.

Brent futures rose marginally in the previous two sessions, but finished last Friday with a weekly loss of more than 1%.

The US-China trade war is dominating investor sentiment in moving oil prices, said analyst John Evans of brokerage PVM, superseding nuclear talks between the US and Iran and discord within the OPEC+ coalition.

“This wait-and-see attitude coming out of the US-China talks is leaving a bad taste in peoples’ mouths,” said Gary Cunningham, director of market research for Tradition Energy. “If the talks go bad, you could see a drop in demand for oil from China.”

Markets have been rocked by conflicting signals from US President Donald Trump and Beijing over what progress was being made to de-escalate a trade war that could sap global growth.

In the latest comment from Washington, US Treasury Secretary Scott Bessent on Sunday did not back Trump’s assertion that negotiations with China were underway. Earlier, Beijing denied any talks were taking place.

“A lot of the feeling in the market is how is it going to be playing out in the next 24 to 48 hours?” said Phil Flynn, senior analyst with Price Futures Group. “Are we going to be bombing Iran? Is China going to be buying more crude?”

Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are expected to suggest that the group accelerate oil output hikes for a second consecutive month when they meet on May 5.

“Sentiment has turned more bearish since our forecast last month with OPEC+’s more aggressive unwind – and accompanying doubts about unity within the cartel – the key change,” said BNP Paribas analyst Aldo Spanjer in a note.

BNP Paribas expects Brent in the high USD 60s per barrel in the second quarter of this year, the note said.

Meanwhile, Iranian Foreign Minister Abbas Araqchi said he remained “extremely cautious” about the success of the negotiations, as nuclear talks between Iran and the United States in Oman continue this week.

In Iran, a powerful explosion at its biggest port of Bandar Abbas has killed at least 40, with more than 1,200 people injured, state media reported on Sunday.

(Reporting by Erwin Seba in Houston; Robert Harvey in London; Mohi Narayan in New Delhi and Florence Tan in Singapore. Editing by Sherry Jacob-Phillips, David Evans, Mark Potter, and David Gregorio)

Gold prices reversed course to edge higher on Monday as bargain-hunting kicked in, while market focus was on US-China tradedevelopments and a slew of economic data.

Spot gold was up 0.5% at USD 3,335.30 an ounce as of 2:06 p.m. ET (1806 GMT) after falling as much as 1.8% earlier in the session. US gold futures settled 1.5% higher at USD 3,347.7.

“We’re starting to see the first signs of selling exhaustion,” TD Securities commodity strategist Daniel Ghali said, adding that the downside risk in gold is extremely limited.

“Western investors, particularly discretionary traders or macro funds, have been completely under-positioned in this last leg of gold’s rally, and as a result of that, there’s limited amount of selling activity and gold prices are drifting higher to reflect that.”

Bullion, a traditional hedge against political and financial instability, rose to an all-time high of USD 3,500.05/oz last week due to elevated uncertainties.

US President Donald Trump says progress has been made with China. However, Beijing has denied that trade talks are occurring, and Treasury Secretary Scott Bessent failed on Sunday to back Trump’s assertion that tariff talks with China were underway.

“Until we witness clear patterns of lower highs, lower lows, and firm trade agreements rather than more political bluster from the Trump administration, the prospect of fresh highs for gold cannot be dismissed,” said Fawad Razaqzada, market analyst at City Index and FOREX.com

The risk is high that the global economy will slip into recession this year, according to a majority of economists in a Reuters poll.

Data due this week includes the US job openings report on Tuesday, Personal Consumption Expenditures on Wednesday, and the nonfarm payrolls report on Friday. Market participants will scan these to gauge the impact of the latest tariffs on the US economy.

Spot silver eased 0.1% to USD 33.03 per ounce, platinum gained 1.5% to USD 986.05 and palladium fell 0.4% USD 947.27.

(Reporting by Anjana Anil, Ishaan Arora, and Anmol Choubey in Bengaluru; Editing by Barbara Lewis, Matthew Lewis, and Shailesh Kuber)

Gold prices fell 2% on Friday and were on track for a weekly dip as the dollar rose and signs of easing US-China trade tensions after a report that Beijing had exempted some US goods from its tariffs weighed on bullion.

Spot gold was down 1.7% at USD 3,292.99 an ounce as of 1:39 a.m. EDT (1739 GMT), after it fell as much as 2% earlier in the session. Bullion is down 1.2% for the week.

US gold futures settled 1.5% lower at USD 3,298.40.

“The apparent detente on tariffs is negatively affecting gold prices … But so far we’ve not seen substantial liquidations,” said TD Securities commodity strategist Daniel Ghali.

“However, we know that they’ve continued to buy the dip over the last few sessions, so we think gold can resume its upward trajectory.”

China is considering exempting some US imports from its 125% tariffs and is asking businesses to identify goods that could be eligible, according to the businesses notified.

Earlier this week, US President Donald Trump suggested a de-escalation of the tit-for-tat tariff battle, saying direct talks were already underway.

The US dollar, meanwhile, rose and was on track for its first weekly gain since March, making bullion more expensive for overseas buyers.

Gold, traditionally seen as a hedge against geopolitical and economic uncertainties, scaled a record high of USD 3,500.05 per ounce and has gained more than 25% so far this year, owing to US-China trade tensions and strong central bank demand.

“Trade war concerns were the main reason behind all the prior gold buying. But it could still be a while before we see actual progress, and so those concerns are not completely gone just yet,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Elsewhere, spot silver slipped 1.6% to USD 33.03 an ounce, but was heading for its third consecutive week of gains.

Platinum fell 0.5% to USD 965.53 and palladium dipped 1.8% to USD 936.89.

(Reporting by Brijesh Patel, Ishaan Arora, and Rahul Paswan in Bengaluru; Editing by Nick Zieminski, Pooja Desai, and Alan Barona)

NEW YORK – Oil prices edged higher on Friday but posted a weekly decline, under pressure from market expectations of oversupply and uncertainty around tariff talks between the US and China.

Brent crude futures settled 32 cents higher at USD 66.87 a barrel, taking losses to 1.6% over the week. US West Texas Intermediate crude gained 23 cents to USD 63.02 a barrel, marking a weekly decline of 2.6%.

China exempted some US imports from its steep tariffs in a sign on Friday that the trade war between the world’s top two economies could be easing, though Beijing quickly knocked down US President Donald Trump’s assertion that negotiations were underway.

“Traders now view further (crude price) gains as unlikely in the short term due to the continued trade war among top global consumers and speculation that OPEC+ may accelerate production hikes from June,” Saxo Bank analyst Ole Hansen said.

Oil prices fell earlier this month to four-year lows after tariffs sparked investor concern about global demand and a selloff in financial markets.

While the risk is that a weaker economy will erode demand, supplies could swell.

Several OPEC+ members have suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week.

An end to the war in Ukraine also has the potential to add to supplies if it allows more Russian oil to reach global markets.

A three-hour meeting on Friday between Russian President Vladimir Putin and Trump envoy Steve Witkoff was constructive and narrowed differences when it came to ending the war in Ukraine, Kremlin aide Yuri Ushakov said.

In an indication of future supply, the number of oil-directed drilling rigs rose by 2 to 483 in the week to April 25, data from oil services firm Baker Hughes showed on Friday.

(Reporting by Stephanie Kelly in New York; Additional reporting by Enes Tunagur in London and Siyi Liu in Singapore; Editing by David Gregorio, Daniel Wallis, and Nia Williams)

NEW YORK – A packed upcoming week for markets will test a US stocks rebound, with investors focused on a wave of corporate results led by Apple and Microsoft, while the prospect of global trade developments threatens to cause volatility at any time.

The monthly US employment report, data on first-quarter US economic growth, and an inflation update add to the potential market-sensitive events in the coming week, as investors weigh whether the recent strength suggests the worst of a tariff-induced equities tumble is over.

With the S&P 500 on pace for a solid week of gains, the US benchmark index has pared its recent slide by about half but remains down some 10% from its February record high.

Sentiment for equities has been lifted this week by signals of easing in the Trump administration’s trade stance, including possible de-escalation with China. But the situation remains fluid and fresh developments on tariffs could undermine the market gains.

“There seems to be some potential for compromise on the tariff situation,” which has supported the recent rally, said Michael Mullaney, director of global markets research at Boston Partners.

But stocks will remain sensitive to “the news flow that day,” Mullaney said. “If it’s positive on tariffs, the market goes up. If it’s negative on tariffs, the market goes down.”

Investors are bracing for more twists and turns on trade after President Donald Trump this month paused many of the heftiest import tariffs on other countries until July. Trump’s pullback came after his April 2 announcement of sweeping levies set off severe stock volatility and rattled the bond market.

Tariff uncertainty will be a critical topic for upcoming corporate reports.

About 180 S&P 500 companies representing over 40% of the index’s market value are set to post quarterly results in the coming week, according to UBS. Chief among them are Apple, Microsoft, Amazon, and Meta Platforms, four of the “Magnificent Seven” megacap tech and growth companies whose shares have faltered in 2025 after putting up massive gains the prior two years.

With over one-third of S&P 500 companies having reported, profits are on pace to beat expectations for the period. S&P 500 earnings are on pace to have climbed 9.7% in the first quarter from a year ago, up from an estimate of an 8% gain on April 1, according to LSEG IBES.

“People were expecting the worst, and that typically happens when markets retrench,” said King Lip, chief strategist at BakerAvenue Wealth Management in San Francisco. “But the numbers really haven’t been that bad.”

Still, some companies have pointed to challenges ahead. Consumer staples company Procter & Gamble, soda and snacks company PepsiCo, and medical equipment maker Thermo Fisher all cut their annual profit forecasts.

Investors also will watch the extent to which the new global trade regime is hitting economic data, with broad concerns the new tariffs will drive up prices and slow growth.

Data in the coming week includes gross domestic product for the first quarter, and the March reading of the personal consumption expenditures price index, a key inflation reading.

The monthly US jobs report, due on May 2, could provide the biggest test for markets. The labor market has demonstrated stability in recent months, and employment is expected to have climbed by 135,000 jobs in April, according to a Reuters poll.

But doubts about the economic outlook are being fueled by dour readings in consumer sentiment and other surveys, with investors eager to see if such troubling “soft data” will translate into weakness in reports seen as giving more concrete evidence about the economy.

“If the consumer is going to be the engine of ongoing growth in the US, it puts the burden of proof onto the jobs report,” said Bob Savage, head of markets macro strategy at BNY.

(Reporting by Lewis Krauskopf; Editing by Rod Nickel)