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Gold prices rise after a sharp loss, supported by softer US inflation and the US-China tariff deal.
NEW YORK, May 14: Gold prices rebounded on Tuesday, driven by bargain-hunting after a sharp loss the previous day, with softer-than-expected inflation data from the U.S. providing additional support.
As of 1357 ET (17:57 GMT), spot gold rose 0.4% to $3,246.95 per ounce, recovering from a low of $3,207.30 on Monday. U.S. gold futures also settled 0.6% higher at $3,247.8.
Bart Melek, head of commodity strategies at TD Securities, commented on the price movement: “We had a big correction in gold on Monday following the news of a deal between the U.S. and China. However, with tariffs on China still at 30%, this remains negative for the economy.”
The U.S. and China announced a 90-day pause on tariffs on Monday. As part of this agreement, the U.S. agreed to reduce tariffs on Chinese imports from 145% to 30%, while China pledged to lower duties on U.S. imports from 125% to 10%.
Gold prices had surged to multiple record highs in 2025, driven by concerns over economic slowdowns following U.S. President Donald Trump’s sweeping tariffs, strong central bank buying, geopolitical tensions, and increased investment in gold-backed exchange-traded funds.
In other news, the U.S. Consumer Price Index (CPI) increased by 0.2% last month, according to the Bureau of Labor Statistics. Economists had forecast a 0.3% rise.
Jim Wyckoff, senior analyst at Kitco Metals, pointed out that the inflation report “leans slightly favorable for the precious metals markets because it does not pose a problematic inflation scenario that would deter the Federal Reserve from cutting interest rates.”
Markets expect the Federal Reserve to resume its policy easing in September, which typically makes non-yielding assets like gold more attractive.
Other precious metals saw gains as well, with spot silver rising nearly 1% to $32.89 an ounce, platinum climbing 1.4% to $985.92, and palladium gaining 1% to $955.15.
US Trade Representative Jamieson Greer, (left), and US Secretary of the Treasury Scott Bessent take part in a press conference after two days of closed-door discussions on trade between the United States and China, in Geneva, Switzerland, on May 12. (AP)
WASHINGTON, May 14, (AP): Online shoppers in the US will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs. An executive order Monday from President Donald Trump said the tariffs on low-value parcels originating from China and coming through the US Postal Service will be lowered to 54%, down from 120%.
It also says a per-package flat rate – as an alternative to the value-based tariff – will be kept at $100, rather than being raised to $200 on June 1 as previously decreed. Packages shipped by commercial carriers are subject to the general tariff, which also has been cut. The new rules go into effect Wednesday.
They are part of a broader agreement by the Trump administration to drastically lower import taxes on all Chinese goods from 145% to 30% following weekend talks in Switzerland with Chinese officials. China issued a public notice on Tuesday lowering its own tariffs on US goods to 10%, down from 125%. However, the reductions are temporary, allowing the two sides to negotiate a longer-term deal in the next 90 days.
Izzy Rosenzweig, founder and CEO of the logistic company Portless, said US brands are “very excited” about the broader tariff cut. The import tax is still high, but not as prohibitive as when it was 145%, which amounted to a trade embargo. On the low-value shipments, online purchases had been coming into the US duty-free for several years under the de minimis rule, which exempted them from the import tax.
Popular shopping sites such as Shein and Temu that offer ultra-low prices took advantage of the duty-free rule by shipping directly from China to US buyers, bypassing more cumbersome customs paperwork. President Donald Trump terminated the exemption on such parcels originating from China and Hong Kong on May 2, following criticism that it not only resulted in lost tariff revenue but also allowed illicit drugs and unsafe products to flow into the US without adequate scrutiny.
US Customs and Border Protection said as many as 4 million low-value parcels were coming into the US every day – many of which originated from China. Shortly before the exemption ended on May 2, prices on many items sold by Shein rose. Temu apparently halted shipments from China and tapped its existing inventory in the US.
KCCI team meets the delegation from Maldives
KUWAIT CITY, May 13: Kuwait Chamber of Commerce and Industry (KCCI) received a delegation from the Republic of Maldives, led by the Minister of Foreign Affairs Dr. Abdulla Khalil on Tuesday, May 13 in the presence of several Kuwaiti business owners. According to a press release issued by KCCI, the meeting began with KCCI expressing its appreciation for the delegation’s visit, as it underscores the growing ties between Kuwait and the Maldives, founded on friendship, mutual respect, and shared aspirations for economic and cultural cooperation. It explained that the trade relations between the two countries have significantly strengthened over the past decade, with a notable increase in Kuwaiti exports to the Maldives.
The partnership between the two countries is further strengthened by their distinct strengths, particularly the excellence of Maldivian companies in the tourism and maritime industries, which attract the interest of Kuwaiti investors. At the same time, Kuwaiti companies excel in sectors such as finance, logistics, healthcare, and energy, providing a solid foundation for productive cooperation and investment. Meanwhile, Maldives Foreign Minister Dr. Abdulla Khalil outlined the most prominent investment opportunities available in his country, mainly in sectors such as tourism, investment, alternative energy, logistics, ports, housing cities, agriculture, and fisheries.
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