Penalized by signs of easing tensions Trade between the United States and China, gold prices continued their withdrawal on Wednesday.

Spot gold fell by 0.4% at $4,109.19 per ounce at 02:36 GMT. The yellow metal had already fallen by more than 5% on Tuesday, registering its biggest drop since August 2020.

American gold futures for deliveries in December increased by 0.4% to $4,124.10 the ounce.

“The easing of trade tensions between the United States and China was the trigger that caused the avalanche and the reversal of the upward trend in gold,” explains Matt Simpson, senior analyst at StoneX.

Gold prices rose by around 56% since the beginning of the year, reaching an all-time high of $4,381.21 on Monday, supported by geopolitical uncertainties and economic, the expectations of lower rates and the sustained purchases of central banks.

Elsewhere, money at Cash rose 0.1% to $48.82 per ounce, platinum fell by 1.5% to 1,528.15 dollars, while palladium earned 0.7% to 1,418.09