Doha: Gold prices continued their losses Wednesday, following reports that the US and the European Union (EU) are close to concluding a 15 percent tariff agreement, which has led to a decline in safe-haven demand. Spot gold fell 1.2 percent to $3,389.09 per ounce, after hitting its highest level since June 16 earlier in the session. US gold futures also fell 1.3 percent to $3,399.90.

According to Qatar News Agency, among other precious metals, spot silver rose 0.2 percent to $39.19 per ounce earlier in the session, marking its highest level in nearly 14 years. Meanwhile, platinum experienced a decline of 1.4 percent, dropping to $1,421.79, whereas palladium saw a slight increase of 0.2 percent, reaching $1,277.26.

The ongoing negotiations between the US and the EU over tariffs are believed to be influencing the market dynamics, particularly affecting the demand for gold as a safe-haven asset. As the two economic powerhouses near a tariff agreement, investors are re-evaluating their positions, leading to fluctuations in the prices of gold and other precious metals.