Spot gold touched $3,995 per ounce, with futures briefly above $4,009. Societe Generale lifted its 2026 forecast to $5,000, citing steady ETF inflows and central bank buying.

Trade headlines also drove sentiment as Presidents Trump and Xi agreed in Busan to cut tariffs to 47% from 57%. The truce includes China’s promise to curb fentanyl exports and boost U.S. imports, though analysts view it as temporary. Economists warned rising tariffs elsewhere could still cost the global economy $1.4 trillion by 2027.

In the Eurozone, the ECB held its deposit rate at 2% for the third straight meeting, hinting the easing cycle may be near its end, while weak credit growth continues to weigh on recovery.

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