Yellow metal recorded declines of more than 1% in mid-trading on Tuesday, May 27, marking the second consecutive session of decline due to the rise of the US dollar, declining demand for safe-haven assets, and increased investor risk appetite stemming from increased optimism that the two largest trading partners will begin trade negotiations that could halt the tariff war. Gold is trading up approximately 1.45% at $3,294 per ounce, while silver is trading at $33.01 per ounce, up 1.02%.
A Bloomberg report stated that the European Union, represented by Trade Commissioner Maroš Šefčović, has agreed to accelerate trade talks in an attempt to avert Trump’s 50% tariffs. Trade Commissioner Maroš Šefčović will lead the political negotiations with the US side, focusing on sectors such as semiconductors, automobiles, pharmaceuticals, and aluminum. US President Donald Trump announced earlier this week on the social media platform Truth Social that he had agreed to postpone the tariff increase he imposed on the European Union until July 9, following a phone call with European Commission President Ursula von der Leyen.
The US dollar index rose by about 0.45%, trading at 99.31 against a basket of currencies, weighing on the yellow metal amid anticipation of today’s US consumer confidence and goods orders figures.
Platinum is trading at $1,078, down about 0.60%, while palladium is down about 1.15%, trading at $976.