At approximately 1:10 PM in Lisbon, gold dropped by 1.94% to $3,159.69 per ounce, down from $3,222.21 on Thursday, according to data from Bloomberg reviewed by Lusa.
At market opening, gold had decreased by 0.25% and was trading at $3,218.8. However, as the session progressed, the decline increased to nearly 2%, returning to below $3,200 per ounce, similar to what occurred on Thursday.
In Thursday’s session, gold nearly approached the $3,100 mark but later rebounded to surpass $3,200.
Gold, having risen 21% this year, remains significantly below its current all-time high of $3,414.65, recorded on April 21.
The price of gold began to decline when the tariff reductions agreed upon between China and the United States came into effect last Wednesday, following a temporary 90-day agreement reached during weekend negotiations in Geneva.
The concern over a potential trade war between the two nations, due to the possible economic implications, was a primary factor driving the strong increases previously observed in the precious metal.
