Gold price falls almost 1% on Trump’s EU tariff delay
me-metals: Gold prices slipped on Monday as market sentiment improved after US President Donald Trump pushed back the effective date of his proposed tariff on the European Union to allow the two sides more time to find an agreement.
According to me-metals cited from mining.com, Spot gold fell as much as 1% in morning trading before cutting its loss by half to around $3,339.20 an ounce by 10:30 a.m. ET. Meanwhile, US gold futures declined 0.9% at $3,334.90 per ounce.
Bullion rose sharply on Friday to record its best week in six following Trump’s initial threat to the EU with a 50% tariff on products imported from the bloc starting June 1.
However, on Sunday, the US President announced he will delay the tariff implement to July 9 as both sides work out a deal. The softened stance on trade sent US equity futures and European stocks higher while drawing investors away from the safe-haven metal.
“I would call it a range-trading day,” said Giovanni Staunovo, UBS analyst, attributing the modest drop in prices to Trump’s decision to delay the imposition of higher tariffs on the EU.
“We still look for higher prices over the coming months, expecting the yellow metal to retest the level of $3,500/oz.,” Staunovo added.
Also eyeing this price level is Citi, which on Sunday upgraded its short-term target for gold to $3,500 from $3,150 previously, citing tariff uncertainties, geopolitical risks and concerns around the US budget.
Meanwhile, data released on Monday showed China’s net gold imports via Hong Kong more than doubled month-on-month in April and were the highest since March 2024, signalling confidence in the outlook for gold in Asia’s largest economy.
source: mining.com
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