WASHINGTON (dpa-AFX) - Gold prices eased from record highs on Tuesday as investors rushed back into risky assets on the back of earnings optimism, signs of easing U.S.-China tensions and hopes for an end to the U.S. government shutdown
Spot gold tumbled a little over 2 percent to $4,267.50 an ounce in European trade, while U.S. gold futures were down 1.8 percent at $4,281.96.
U.S. President Donald Trump has stated that the U.S and China are on track for a significant trade agreement, while warning that if negotiations fail, China could face tariffs as high as 155 percent starting November 1.
Trump also said he will visit China early next year after receiving an invitation from Beijing.
'I've been invited to go to China, and I'll be doing that sometime fairly early next year. We have it sort of set,' Trump told reporters at the White House.
Meanwhile, the 20-day U.S. federal government shutdown is likely to end this week, White House economic adviser Kevin Hassett said, adding if the shutdown does not end, the White House would consider additional cost-cutting action.
Democrats and Republicans are still at odds over federal healthcare subsidies and it is feared that a prolonged standoff could dent near-term GDP growth.
Elsewhere, leading banks have raised their estimates after China's third-quarter GDP topped forecasts. At 4.8 percent, Q3 GDP print beat market expectations, though evidence of waning fiscal stimulus continues to show.
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