Gold prices slipped to their lowest in nearly two weeks on Monday, as a new trade agreement between the United States and the European Union reduced demand for safe-haven assets.
By 0020 GMT, spot gold had edged down 0.1 per cent to US$3,332.39 per ounce, after hitting its lowest level since July 17. US gold futures also dipped 0.1 per cent, trading at US$3,332.50 per ounce.
The decline followed Sunday’s announcement of a framework deal between Washington and Brussels, which imposed a 15 per cent import tariff on most EU goods, half of what had previously been threatened. The move helped defuse tensions between the two allies, who together account for nearly a third of global trade.
In other precious metals, spot silver rose 0.1 per cent to US$38.17 per ounce. Platinum gained 0.9 per cent to US$1,413.50, while palladium was up 0.5 per cent at US$1,225.25.
Meanwhile, Oil prices climbed on Monday after the US reached a trade deal with the European Union and signaled it may extend a pause on tariffs with China. The developments helped ease concerns that rising trade barriers could slow economic growth and weaken fuel demand.
By 0035 GMT, Brent crude had risen 22 cents, or 0.32 per cent, to $68.66 a barrel. US West Texas Intermediate (WTI) was also up 22 cents, or 0.34 per cent, to $65.38 a barrel.
