The ongoing trade tensions between the United States and China may soon ease as both nations displayed a notably positive attitude during recent negotiations.
As a result, the price of Gold (XAUUSD) plunged by over $50, reaching $4,061.72 per troy ounce this morning. Meanwhile, the Nasdaq index skyrocketed by 242 points, hitting an all-time high of 25,751.
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Last Friday, China’s Finance Minister, Wang Wentao, expressed optimism that the US and China could collaborate effectively. He also highlighted that President Xi Jinping emphasized the importance of dialogue and cooperation as suitable paths for both countries.
On a related note, US Treasury Secretary Scott Bessent remarked on Sunday that efforts are underway to develop a framework aiming to shield China from the 100% tariff hike announced by President Donald Trump several weeks ago, which is set to take effect on November 1.
President Trump and Xi Jinping are scheduled to meet in South Korea on October 30. This meeting marks their first engagement since Trump assumed office as the 47th President of the United States. Significant shifts in the financial markets are anticipated this week, especially if this meeting clarifies the future of trade relations between the two nations.
