30.10.202506:29:29UTC+00Gold Rises After US–China Summit

Gold prices climbed towards $3,970 per ounce on Thursday after a four-day decline, as market participants processed remarks made by US President Trump following discussions with Chinese President Xi Jinping. Trump declared a temporary one-year agreement with China focusing on rare earths and critical minerals, also announcing a reduction of fentanyl tariffs to 10%. This deal involves China reducing its fentanyl production and resuming imports of US soybeans and other agricultural products. However, China has not yet issued a statement on the matter. Inhibiting further increases in gold prices, Federal Reserve Chair Jerome Powell minimized the prospects of an additional rate cut in December. This followed the anticipated quarter-point reduction on Wednesday, pointing to divisions among policymakers and the lack of comprehensive federal data due to the ongoing government shutdown. Current market projections now indicate a probability of less than 70% for another rate cut this year, a decrease from the nearly certain expectations held prior to the FOMC announcement. Nevertheless, gold is poised for a monthly increase and has surged approximately 50% this year.