Gold prices fell to their lowest level in two weeks, dropping below $3,300 per ounce, as easing global trade tensions reduced the metal's appeal as a safe haven. Spot gold traded at $3,235.55 per ounce, down 1.6%, with U.S. gold futures at $3,243.30. The decline in gold coincided with signs of progress in trade relations between the United States and China. The Chinese Ministry of Commerce stated it is evaluating an offer from the U.S. to discuss tariffs, while the U.S. expressed willingness to negotiate. China announced the exemption of 131 U.S. products from tariffs, valued at approximately $40 billion, or 24% of its imports from the U.S. in 2024. Both sides imposed steep tariffs earlier, with the U.S. at 145% and China at 125%. At the same time, the U.S. dollar experienced volatility. Early in the week, the dollar index was at 99.5 and was poised for a third consecutive weekly gain amid optimism over trade talks and strong U.S. employment data. However, the dollar later retreated, with the index falling to 99.83, and closed the week down 0.6% against the Brazilian real at R$5.656 and at R$5.6430 in spot trading. The euro and British pound both strengthened against the dollar, supported by robust European economic data. U.S. nonfarm payrolls in April showed the creation of 177,000 jobs, exceeding forecasts of 130,000 but below the previous month's 185,000. The unemployment rate held steady at 4.2%. These figures led investors to reassess expectations for Federal Reserve interest rate cuts, with the consensus now anticipating rates to remain between 4.25% and 4.50% for the year. The 10-year Treasury yield rose to 4.273%. Global equity markets responded to the easing of trade tensions and better-than-expected economic data. The Brazilian Ibovespa index ended the week up 0.29% and rose 3.7% in April, while copper prices increased 1.2% to $4.68 per pound. The eurozone's PMI rose to 49 and CPI held at 2.2%. The U.S. economy contracted by 0.3% in the first quarter.