Gold prices dipped on Monday in the international market following U.S. President Donald Trump’s withdrawal of his earlier threat of a 50% tariff starting June 1, instead setting a new deadline of July 9 for a trade deal with the European Union.
As per media reports, spot gold was down 0.3 per cent at $3,346.59 an ounce, as of 0312 GMT. US gold futures fell 0.6 per cent to $3,345.70.
Spot silver was steady at $33.46 an ounce, platinum edged 0.2 per cent lower to $1,093 and palladium gained 0.7 per cent to $999.90.
Gold prices rose more than 2 per cent to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50 per cent tariffs on European Union imports from June 1 and said he was considering a 25 per cent tariff on any Apple iPhones made outside the United States.
The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders.
On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.15 per cent to 922.46 tons on Friday from 923.89 tons on Thursday.
