Yvonne Yue Li

Wed, May 14, 2025, 10:34 AM1 min read

(Bloomberg) -- Gold slipped to the lowest in more than a month as tension eased in the global trade war, pushing investors away from haven demand.

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Progress in trade talks helped riskier assets, which rebounded broadly. The White House said President Donald Trump had secured deals totaling more than $243.5 billion with Qatar, laying the groundwork for a bigger $1.2 trillion economic pledge with the tiny Gulf country.

And, as part of the tariff truce between the US and China over the weekend, China is suspending a trade and investment ban against more than a dozen US companies.

“Overall it’s an improved risk sentiment that for now has reduced gold’s appeal,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S.

Bullion has been under pressure since the trade truce between the world’s two largest economies. It’s still up more than 20% this year and peaked at a record above $3,500 an ounce in April. Investors had feared trade tensions stemming from Trump tariffs could spur a slowdown in growth or even a recession, as well as faster inflation.

Spot gold traded 2% lower at $3,185.59 an ounce at 1:30 p.m. in New York. The Bloomberg Dollar Spot Index was little-changed. Silver, platinum and palladium all fell.

--With assistance from Sybilla Gross, Yihui Xie and Jack Ryan.

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