12 May 2025•Update: 12 May 2025
ISTANBUL
The ounce price of gold fell 3% to around $3,220 as of 0815GMT on Monday, following the announcement of the US-China trade deal.
The US and China said in a joint statement on Monday that they had agreed to a broad rollback of punitive tariffs for the initial 90 days.
The US will reduce its tariffs on Chinese products from 145% to 30%, while China's will be reduced from 125% to 10% by May 14.
The price of gold per ounce has recently reached historical highs, exceeding $3,400 amid global trade tensions caused by US tariffs.
In early April, the US decided to impose high tariffs on all countries of at least 10%.
