Gold prices fell in Asian trade on Wednesday, pulling back marginally from strong gains this week after a trade deal between the U.S. and Japan boosted risk appetite and hurt haven demand.
But the yellow metal was still sitting on strong gains this week, and was less than $100 away from an April record high, as markets still remained uncertain over U.S. President Donald Trump’s trade tariffs, which will take effect from August 1.
Caution before a closely watched Federal Reserve meeting also buoyed gold, while pulling the dollar back from two weeks of gains. Broader metal prices were largely rangebound on Wednesday.
Spot gold fell 0.3% to $3,421.15 an ounce, while gold futures fell 0.3% to $3,434.75/oz by 01:20 ET (05:20 GMT).
