Gold prices drop as tariff concerns ease, Bitcoin skyrockets – US market data in focus

Source Cryptopolitan

Gold prices slipped on Tuesday while Bitcoin continued its stay over $90,000, as trade tensions between the US and China eased, ahead of a packed week of economic reports that investors will keep a close eye on. 

The price of gold declined 0.4% to $3,329.12 per ounce in spot trading. Market optimism over the trajectory of global trade negotiations helped push gold futures down 0.2% to $3,342.40 per ounce. Still, counting the day-to-day losses, gold has gained over 26% since the start of 2025.

US Treasury Secretary Scott Bessent said Monday that several trade partners had submitted “very good” proposals to avoid punitive duties. According to a Monday Reuters exclusive, India is reportedly among the first nations likely to finalize a deal with Washington.

Bullion had hit an all-time high of $3,500.05 per ounce last week, before President Trump announced he was ready to talk to China. 

Gold prices drop as tariff concerns ease, Bitcoin skyrockets - US market data in focus.
Gold against the USD chart. Source: Trading Economics.

While gold spot and futures prices took a slight tumble from all-time high levels, Bitcoin advanced 0.2% over the past 24 hours, hitting $94,930, according to CoinGecko data. 

Gold prices drop as tariff concerns ease, Bitcoin skyrockets - US market data in focus.
BTC/USDT chart. Source: TradingView.

Bitcoin’s 24-hour trading volume surged to $30.07 billion, a 60% increase from the previous day, indicating heightened market activity and investor engagement.

Trade policy and tariffs still in focus

Investor sentiment grew more optimistic after news spread in Washington that the Trump administration may ease some of its tariff measures. On Tuesday, the White House announced plans to rescind duties on foreign-made parts used in US automobile manufacturing, which could provide relief to the auto sector.

Still, a Reuters poll of economists shows that the majority believe the global economy is at high risk of recession in 2025. Many of the respondents see tariffs and trade disruptions as contributors to weakening business sentiment and slowing growth.

Some analysts are hopeful of a positive market correction. “Longer-term structural tailwinds for gold prices are likely to keep the broader upward trend intact,” said Yeap Jun Rong, a strategist at IG. 

Seven days of US economic data

Markets are preparing for a flood of US economic data, beginning with job openings and employment figures due later today. Investors will also be watching Wednesday’s release of the ADP private payroll survey, which is expected to show a decline in job creation to 124,000 in April from 155,000 in March.

The first estimate of the first-quarter gross domestic product is also due tomorrow. Forecasts suggest a modest uptick following 2.4% annual growth in the previous quarter. Economists say consumer and business behavior ahead of the April 2 tariff announcements may have distorted the data, as many front-loaded purchases were made before duties took effect.

A read on inflation also arrives Wednesday with the release of the personal consumption expenditures (PCE) index, closely tracked by the Federal Reserve. The March reading could show minimal movement, with annual inflation ticking down slightly.

The week concludes on May 2 with the government’s April non-farm payrolls report. Predictions point to a fall to 130,000 from March’s 228,000.

Comerica Bank Chief Economist Bill Adams said Monday that early data suggest the economy may have contracted in the first quarter. 

The labor market probably softened in April, with a lacklustre increase in employment and an uptick in the unemployment rate,” Adams noted. He also predicted a drop in job vacancies for March and a decline in consumer confidence, in line with other household sentiment surveys.

Congress will also return to session and is expected to engage in budget negotiations, priorities given to the 2017 tax cuts extensions. Meanwhile, the public awaits the White House’s decision on immigration, tariffs, and other policy fronts. 

Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Ethereum Price Ready to Surge—$2,000 Level Could Be Within ReachEthereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
Author  NewsBTC
May 08, Thu
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
placeholder
Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds FastEthereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
Author  NewsBTC
May 09, Fri
Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
placeholder
Shiba Inu Price Prediction: 91T Age Consumed supports 25% SHIB rally Shiba Inu closed trading above $0.000015 level despite a 4% correction on Wednesday. Market reports suggest the SHIB price dip is linked to controversy surrounding a Chinese firm acquiring $300 million worth of Trump’s official memecoin.  
Author  FXStreet
Yesterday 02: 50
Shiba Inu closed trading above $0.000015 level despite a 4% correction on Wednesday. Market reports suggest the SHIB price dip is linked to controversy surrounding a Chinese firm acquiring $300 million worth of Trump’s official memecoin.  
placeholder
Solana (SOL) Finds Support — Rally May Be Ready to ResumeSolana started a fresh increase above the $175 zone. SOL price is now correcting gains and might find bids near the $172 support zone.
Author  NewsBTC
23 hours ago
Solana started a fresh increase above the $175 zone. SOL price is now correcting gains and might find bids near the $172 support zone.
goTop
quote