Gold extends losses as Fed delays rate cuts, trade fears ease

Gold dropped over 1% to around $3,140 an ounce, hitting a one-month low. The decline came as strong economic data reduced bets on near-term Fed rate cuts, lifting Treasury yields and dulling gold’s appeal.

Easing U.S.-China trade tensions also weakened demand for safe havens. China relaxed export restrictions on some U.S. firms, boosting riskier assets.

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Analysts warn gold could fall further if it breaks key support near $3,050. Still, prices remain up nearly 20% this year after hitting a record high in April.

Silver also fell, while platinum held steady and palladium dipped slightly. The dollar edged lower.