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Gold slides by the most in a year after Trump and Xia??s trade truce renews investors' confidence

Gold slides by the most in a year after Trump and Xia??s trade truce renews investors' confidence
REUTERS/Ilya Naymushin



Safe haven assets such as gold, the Japanese yen, and US Treasurys slid after the US and China agreed to a trade truce at the G20 meeting.




Gold fell below $1400, a psychologically key price, after it soared 10% in June.




While riskier assets are benefiting from positive trade news now, analysts warn that it might be temporary relief.




Read more on Markets Insider.




Gold is losing some of its glitter after President Donald Trump and Chinese President Xi Jinping agreed to a trade truce at the G20 Summit in Osaka, Japan over the weekend.
The so-called safe haven asset declined by as much as 2% in early trading Monday, the most in a year, and fell below $1400, a key psychological price point for the asset.
The slide in gold comes after a blockbuster June when it gained 10%, pushing to its highest level in about six years. Uncertainty around the US-China trade war mounted last month and the Federal Reserve pivoted to a more dovish policy, signaling interest-rate cuts and the potential for weak economic growth ahead. These developments drove the precious metal's rally.
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