It was a week of downward momentum for the gold price. The yellow metal neared the US$3,400 per ounce level on Monday (June 23) as investors reacted to the weekend’s escalation in tensions in the Middle East, but sank to just above US$3,300 the next day. The decline came as US President Donald Trump announced that Israel and Iran had agreed to a ceasefire. While the ceasefire has not gone entirely smoothly, with Trump expressing displeasure about violations, the news appeared to calm investors. Gold’s safe-haven appeal took another hit toward the end of the week, when Trump said late on Thursday (June 26) that the US had signed a trade deal with China. Although details remain scarce — China’s commerce ministry confirmed the arrangement, but said little else — the gold price dropped on the news, closing Friday (June 27) at about US$3,274. It was a different story for…
