Gold prices sink 3% on tariff deal

Gold fell by 3 per cent to a one-week low on Monday as the US and China agreed to cut reciprocal tariffs, boosting the dollar and reducing demand for the safe-haven metal.

As of 12:38 PM GMT, spot gold dropped 2.93 per cent to $3,227.38 per ounce, higher than its previous close of $3,324.63. Meanwhile, US gold futures fell 3.41 per cent to $3,230.09 per ounce, down from Friday’s closing price of $3,344.

Attribution: Amwal Al Ghad English, Reuters

Subediting: Y.Yasser