Quick overview

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The precious metal surged to $39.63 per ounce ($1.27 per gram) in today’s session — its highest level since September 2011 — as the U.S. and the European Union moved closer to a reciprocal tariff agreement of 15%.

Around midday, spot gold slipped 1.2% to $3,389.55 per ounce after briefly hitting its highest level since June 16. The news of an imminent trade deal cooled speculation and reduced demand for safe-haven assets. Meanwhile, North American gold futures declined 1.3% to $3,399.90 per ounce. Platinum held steady at $1,421.79, while palladium gained 2.56% to $1,288.40.

Risk Appetite Rises as Trade Tensions Ease

Markets now expect the EU to forgo retaliatory tariffs, which has fueled a rise in risk appetite among investors.

Two EU diplomats confirmed Wednesday that the U.S. and EU are on track to finalize a trade deal that would apply a flat 15% tariff on EU goods imported by the U.S.

The momentum follows a separate breakthrough late Tuesday, when President Donald Trump signed a trade agreement with Japan that lowers auto import tariffs and spares Tokyo from additional duties on other goods, in exchange for a $550 billion investment and loan package.

Tesla Stock Performance

Tesla stock fell sharply on Wednesday after the electric vehicle maker reported its biggest year-over-year revenue decline in ten years — a 12% drop — as it struggles with growing competition from cheaper EVs and backlash over CEO Elon Musk’s political views.

The company’s shares slipped 2.1% in after-hours trading, following second-quarter revenue of $22.5 billion, down from $25.5 billion in the same period last year. Analysts had expected around $22.74 billion, according to data compiled by LSEG.