Gold price (XAU/USD) dropped to $3,295 on Monday. This happened after news that the US and some Asian countries are making progress on trade talks. US Treasury Secretary Scott Bessent mentioned in an interview that there are positive moves happening with key trading partners, excluding China, which has a separate negotiation process.
US Agriculture Secretary Brooke Rollins also mentioned that the US is engaging in daily discussions with China regarding tariffs. She added that trade deals with other countries are almost finished. This news took some of the pressure off Gold prices, which had been rising due to worries about tariffs.
However, Gold’s price might not fall much further. The Chinese government clarified that there have been no recent calls between President Xi Jinping and President Donald Trump, and no talks about tariffs are taking place right now.
Looking ahead, all eyes are on the April Nonfarm Payrolls (NFP) data, which will be released on Friday. This report will give traders a better understanding of how the US economy is doing and could influence the Federal Reserve’s next steps. The Federal Reserve will meet on May 7 to make a decision about interest rates. Last week’s Durable Goods data already showed some changes in consumer behavior.
For expert gold trading signals, visit Daily Gold Signal.
Key Points to Remember
Friday’s NFP report will be important for predicting the Fed’s next move.
Gold price drops to $3,295 as US trade news eases tariff concerns.
There are no active tariff talks between the US and China, limiting Gold’s losses.
Market Updates
Toubani Resources, a gold mining company based in Africa and listed on the ASX, saw its stock price go up after it secured a $160 million debt deal with a private investor. This is good news for the company, according to Financial Review.
In Thailand, the bond market is seeing strong growth, with some of the best inflows in three years. This is mainly due to expectations that interest rates will fall and that the Thai baht will continue to strengthen, helped by rising gold prices.
There is also news from China, where they are reviewing a plan by Hong Kong billionaire Li Ka-shing to sell Panama ports to a group backed by BlackRock Inc. Meanwhile, President Trump is asking for US ships to get better treatment in the Panama Canal, which could affect this deal.
Gold Price: What to Watch
While Gold prices are slipping today, many experts still believe there is potential for the price to rise again. President Trump has said that there are no plans to delay tariffs. In addition, the Chinese retailer Shein has raised prices in the US by more than 100% to cover the added tariff costs, showing that trade tensions remain high.
Here are the key levels to watch in Gold price:
- Pivot Point at $3,318. If Gold moves above this, we could see further price increases.
- R1 Resistance at $3,424, a level that could lead to testing the highest price ever recorded at $3,500.
- R2 Resistance at $3,529, but it’s unlikely to be reached today.
On the downside, support levels are:
- S1 Support is at $3,266, near last week’s low of $3,260.
- S2 Support at $3,213, which should hold Gold from falling further.
- The $3,245 level (from April 11) is important to watch.
Conclusion: What’s Next for Gold?
Gold prices have fallen, but the market remains uncertain because of ongoing trade tensions. Traders will closely watch the Nonfarm Payrolls data and any news from the Federal Reserve in the coming days.
For daily updates on Gold prices and trading strategies, visit Daily Gold Update.
FAQs About Recent Gold Price Movements
1. Why did Gold prices drop recently?
Gold prices fell because news about progress in US trade talks reduced fears over new tariffs. Positive developments with Asian trade partners lowered the demand for Gold as a safe-haven asset.
2. Are the US and China still negotiating tariffs?
No, according to China's Foreign Ministry, there have been no recent talks or calls between the US and China about tariffs.
3. What key economic report is coming up that could affect Gold prices?
The Nonfarm Payrolls (NFP) report will be released on Friday. It will provide important insights into the health of the US economy and could impact future Federal Reserve decisions.
4. When is the next Federal Reserve meeting?
The Federal Reserve will meet on May 7 to decide whether to adjust interest rates.
5. What are the important price levels for Gold right now?
Key levels include the Pivot Point at $3,318, resistance at $3,424, and support at $3,266, which is close to last week’s low.
6. Could Gold prices rise again soon?
Yes, despite the recent dip, ongoing trade tensions and upcoming economic data could cause Gold prices to rise again.
7. Where can I get daily Gold updates and trading tips?
For regular Gold price updates and expert trading signals, visit Daily Gold Signal and check the Daily Gold Update section.
