Gold prices fall as Trump delays EU tariffs

Gold prices dropped on Monday following US President Donald Trump’s decision to backtrack on his plan to implement 50 per cent tariffs on European Union goods starting June 1, leading to decreased interest in the safe-haven asset.

As of 11:30 AM GMT, spot gold dropped 0.80 per cent to $3,330.48 per ounce, higher than its previous close of $3,357.42. Meanwhile, US gold futures fell 1.04 per cent to $3,359.26 per ounce, down from Friday’s closing price of $3,394.5.

Attribution: Amwal Al Ghad English, Reuters
Subediting: M. S. Salama