Gold prices are suffering a severe drop with the opening of American trading, as the precious metal loses nearly 4% in futures contracts, reaching $3,276 per ounce. Meanwhile, gold prices in spot trading decline by 3.40%.
Gold prices are affected by statements from U.S. President Donald Trump, who backed away from his threat to dismiss Federal Reserve Chairman Jerome Powell, and expressed optimism about the possibility of reaching a trade agreement with China, which weakened gold's appeal as a safe haven.
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