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Gold prices hovered close to three-week lows in Asian trading on Wednesday as easing trade tensions and anticipation of the U.S. Federal Reserve’s policy decision weighed on the safe-haven metal. Spot gold inched up 0.2% to $3,957.42 per ounce at 01:40 ET (05:40 GMT), while U.S. gold futures slipped 0.1% to $3,977.76. The precious metal has declined sharply over the past two sessions, marking its lowest level since early October.
Investors are now focused on the conclusion of the Fed’s two-day policy meeting, expected to result in a 25-basis-point interest rate cut later today. While lower rates typically boost gold’s appeal, traders are closely watching Fed Chair Jerome Powell’s comments for clues on future policy moves. Any signal that further rate cuts will be delayed or that inflation remains sticky could strengthen the U.S. dollar and Treasury yields—both negative factors for gold prices.
Gold has also faced pressure from improved U.S.-China trade relations. Reports indicate a framework agreement between Washington and Beijing addressing tariffs and rare-earth export controls, fueling optimism about reduced trade tensions. Additionally, President Donald Trump announced plans to cut a 20% tariff on Chinese imports linked to fentanyl precursor chemicals ahead of his summit with Chinese President Xi Jinping in South Korea. After a stop in Tokyo, Trump arrived in Gyeongju on Wednesday to meet with South Korean President Lee Jae-Myung.
The easing of trade and geopolitical risks has reduced investor demand for safe-haven assets like gold. In broader metals markets, silver futures rose 0.3% to $47.45 per ounce, platinum fell 0.6% to $1,575.80 per ounce, while copper futures gained slightly, with London contracts up 0.2% to $11,053.20 per ton and U.S. copper rising 0.3% to $5.18 per pound.
