Gold Edges Lower As Haven Demand From Moody’s Downgrade Fades
Gold edged lower as the haven-demand boost from Moody's Ratings downgrade of the US faded, and attention turned back to the easing of trade tensions between the two largest economies.
Bullion traded around $3,220 an ounce after rising 0.8% on Monday. There was a generally risk-on tone to wider financial markets, with stocks in Asia poised to track Wall Street higher, a negative for gold that usually benefits from pessimism over the economy.
The precious metal rallied sharply earlier in the year as President Donald Trump's aggressive trade policy rattled global markets, but the gains have gone into reverse in May as he paused or pulled back on many of his tariff threats. Gold is still up by more than fifth this year, however, and is unlikely to go into a sharp decline due to the uncertainty that Trump has injected into the global economy.
Gold fell 0.3% to $3,220.75 an ounce as of 8:16 a.m. in Singapore. The Bloomberg Dollar Spot Index added 0.1% after dropping 0.6% on Monday. Silver was steady, while platinum and palladium advanced.
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