India, July 24 -- Gold prices traded below $3,400 per ounce on Thursday as the announcement of new U.S. trade deals with Japan and the Philippines sparked optimism for similar agreements with other major economies ahead of the looming tariff deadline.
Spot gold fell 0.7 percent to $3,364.24 per ounce in European trade, while U.S. gold futures for August delivery were down 0.9 percent at $3,368.12.
Risk appetite improved and demand for safe-haven assets like gold declined after reports emerged that the U.S. and EU are edging closer to a trade deal.
A possible deal would result in a broad 15 percent tariff on EU goods imported into the U.S., avoiding a harsher 30 percent levy slated to be implemented from August 1, two EU diplomats said.
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