Gold drops the most in a year

2 July, 2019 12:00 AM printer

BEIJING: Gold opened the third quarter with a slump back below $1,400 for a benchmark amount of 28 grams after the US and China agreed to a truce in their trade war, dealing a blow for now to havens that were bolstered in recent months by the long-running tensions as well as prospects for looser monetary policy.

Prices fell after Presidents Donald Trump and Xi Jinping’s meeting over the weekend, at which the leaders of the two largest global economies agreed to resume negotiations. Still, the setback may be temporary as investors now train their focus on US jobs data due on Friday for clues on the Federal Reserve’s next move on policy, report agencies.