Gold falls as trade war concerns ease

Gold fell on April 29 as softening trade tensions between the United States and its trading partners dulled the metal's safe-haven appeal, while investors awaited US economic data to assess the Federal Reserve's policy path.

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BENGALURU - Gold fell on April 29 as softening trade tensions between the United States and its trading partners dulled the metal's safe-haven appeal, while investors awaited US economic data to assess the Federal Reserve's policy path.

Spot gold fell 0.4 per cent to US$3,329.12 an ounce as at 0211 GMT. US gold futures lost 0.2 per cent to US$3,342.40.

"The risk environment has clearly improved recently, with market participants buoyed by optimism that the worst of the trade tensions may be behind us amid encouraging rhetoric around trade deals," said IG market strategist Yeap Jun Rong.

US Treasury Secretary Scott Bessent said on April 28 that several top trading partners had made "very good" proposals to avoid US tariffs, with India likely to be among the first to finalize a deal.