Gold price drops big today. Will gold rate fall further? Experts voice their opinions

Gold price dropped again on Tuesday as the precious metal's rate seems to fall from the historic all-time. Spot gold was down 0.8 per cent at $3,314.52 an ounce. U.S. gold futures fell 0.7 per cent to $3,324.30.

The downfall in gold price comes as signs of easing tensions in the U.S.-China trade dispute weighed on the safe-haven metal, while investors awaited a series of U.S. economic data due this week for more cues on the Federal Reserve's policy path.

Spot gold is expected to end its bounce around resistance at $3,373 per ounce and retest support at $3,293 thereafter, according to Reuters technical analyst Wang Tao.


"Gold is being pulled down by optimism in the financial markets over a potential de-escalation in the trade war between China and the U.S. as well as a modest recovery of the dollar," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.

"Longer-term structural tailwinds for gold prices are likely to keep the broader upward trend intact, supported by room for ongoing reserve diversification among emerging market central banks," said IG market strategist Yeap Jun Rong.

China's total gold imports via Hong Kong in March rose 41.9 per cent from February, Hong Kong Census and Statistics Department data showed on Monday.

Investors will be looking out for important U.S. economic data this week, including the personal consumption expenditures price index and a monthly non-farm payrolls report on Friday.

In other markets, spot silver gained 0.2 per cent to $33.25 an ounce, platinum rose 0.4 per cent to $988.97 and palladium lost 0.2 per cent to $947.31.

FAQs

Q1. What is current prices of silver, platinum, palladium?
A1. Spot silver gained 0.2 per cent to $33.25 an ounce, platinum rose 0.4 per cent to $988.97 and palladium lost 0.2 per cent to $947.31.

Q2. What are predictions for Gold price?
A2. Spot gold is expected to end its bounce around resistance at $3,373 per ounce and retest support at $3,293 thereafter, according to Reuters technical analyst Wang Tao.