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Investing.com -- Gold prices tumbled to a three-month low on Thursday as growing confidence in a trade rapprochement between the U.S. and China drove bond yields and risk assets higher across the board. The Chinese Ministry of Commerce said that the two countries had agreed to roll back import tariffs on each other goods in phases as part of a preliminary truce. While that wasn’t expressly confirmed by U.S. sources on Thursday, it gels with recent reports that have cited unnamed Washington sources indicating that the Trump administration is prepared to back down on the use of its favorite trade weapon. By 11:13 AM ET (1613 GMT),  gold futures  for delivery on the Comex exchange were down 1.5% at $1,470.15 a troy ounce, having earlier fallen as far as $1,468.95, their lowest since the start of August, when President Donald Trump threatened his most dramatic increase in import tariffs yet on Chinese goods. Spot gold  was down 1.4% at $1,469.62. Silver futures  tumbled 2.3%

Gold prices fell sharply on Thursday, plummeting back to August figures. The XAU/USD index was wandering around $1469 at the end of the day, indicating a strong loss compared to last August's nearly $1560. One of the most important marks for gold was the psychologically important $1500. Struggling to narrow that gap throughout the day, the commodity was ultimately unsuccessful. According to a piece on MarketWatch, experts said that the price drop for the precious metal was partly due to rising yields and falling bonds, which led to investors' lack of aggressive rate cut expectations from central banks. One of the strong indicators that gold will get back on track in the near future is that China is one of the biggest consumers of it. The recently thawing trade war between the U.S. and China instills hopes that the gold will recoup soon, according to the MarketWatch report. Link :  https://www.dailysabah.com/economy/2019/11/07/gold-prices-fall-sharply-back-to-a