The dollar continued to rise and the price of gold fell after US President Donald Trump announced a trade framework with the UK, as the safe-haven demand driven by global trade war concerns weakened.
Trump said that all the details of the agreement will still be negotiated in the coming weeks. But according to the agreement, the UK will speed up the customs clearance process for US goods and reduce barriers to exports in agriculture, chemicals, energy and industry.
Gold prices are expected to fall for a second consecutive day as trade tensions ease. Trump said he believes the trade talks with China to start this weekend will make tangible progress. He also said that if the talks go well, he might consider lowering the 145% tariffs on many Chinese goods.
This is the first deal reached with the UK since Trump imposed high tariffs on dozens of US trading partners.
After Trump urged investors to “go out and buy stocks now”, the US stock market jumped to a high for the day, while gold prices dropped by 1.8% as demand for safe-haven assets weakened.
As of 12:41 p.m. New York time, spot gold fell 1.6% to $3,310.55 an ounce. The Bloomberg Dollar Spot Index rose 0.6%. Silver prices were little changed, while platinum and palladium prices rose.
The Trump administration is considering slashing tariffs in weekend talks with China to ease tensions and alleviate the economic pain that both sides have begun to feel.
The negotiations are scheduled to take place in Geneva on Saturday, with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng presiding over the talks. According to informed sources, the US side has set a goal of reducing tariffs to below 60% as the first step, and they believe that the Chinese side may be willing to take the same measures. They said that progress was made during the two-day negotiations, and these reduction measures could be implemented as early as next week. The negotiations are scheduled to take place in Geneva on Saturday, with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng presiding over the talks.
US President Donald Trump said he believes the trade talks with China to start this weekend will make tangible progress, predicting Beijing will be willing to make concessions and indicating that if the negotiations gain momentum, he might consider reducing the punitive tariffs on China.
Trump told reporters in the Oval Office on Thursday as he announced a framework trade deal with the United Kingdom: “I think it’s going to be very substantial.”
People familiar with the matter who declined to be named said the talks were likely to be exploratory and more about expressing dissatisfaction than finalizing solutions to the many problems between the two sides. They said the situation was fluid, meaning it was uncertain whether tariffs would be reduced in the short term.
Technical analysis:
Gold: Due to the easing of market sentiment over the US-UK trade framework, the gold price began to fall from the overnight European market, dropping from 3370 to around 3270. The factor of today being Friday may continue to weigh on the gold price. Meanwhile, the market is also looking forward to the Sino-US trade negotiations this weekend. However, there is likely to be no decisive progress in this round of negotiations. Therefore, it would be more reasonable to hold off on going long until next Monday or wait for the North American session to refresh new liquidity before attempting. For detailed positions, please consult the plugin.
(Gold 15-minute chart)
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Nasdaq: Yesterday, the price rebounded by more than 300 basis points after returning to our green demand zone, demonstrating the effectiveness of our demand zone. However, since the price failed to stabilize above 20,300, it indicates that the short-term bullish momentum is not strong enough, and it may need to clear out before continuing to test higher. Therefore, it is advisable to wait and observe in the short term. For detailed positions, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: Due to Trump’s 90-day suspension of full reciprocal tariffs, the pressure on oil prices from recession concerns has been greatly alleviated. The price has reached the 60 level for the second time. If it can break through this level smoothly, it is expected to form the initial shape of a new upward trend. Therefore, long positions should be attempted as the main strategy for the day. For detailed positions, please consult the plugin.
(Crude Oil 15-Minute Chart)
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Key financial data and events to focus on today:
16:00 Italy March seasonally adjusted industrial output
At 18:15, William姆斯， the president of the Federal Reserve Bank of New York, will deliver a keynote speech at the 2025 Reykjavik Economic Conference.
20:00 Fed Governor Kugler delivers a speech.
20:30 Canada April Employment Change (Thousand)
