Gold (XAU/USD) price extends correction, sliding below the $3,300 mark at the time of writing on Tuesday amid improving risk-on mood and a stronger US Dollar (USD). Gold extends its decline for a second day this week as the US dollar caught up with some gains and demand for haven assets cooled, with investors also weighing prospects for improving trade relations between the US and the EU after US President Donald Trump said on Sunday that he agreed to an extension on the 50% tariff deadline on the European Union (EU) until July 9. The stronger USD gained momentum at the end of Asian...
The U.S. dollar edged lower at the start of the week, weighed down by lingering deficit concerns and renewed trade tensions, despite U.S. President Donald Trump backing away from a proposed 50% tariff on European Union (EU) goods. According to ING, markets had already moved past April's tariff-related risks, instead focusing on the potential for trade deals in the months ahead. However, the latest standoff with the EU has brought those fears back into view. "If there's a lesson from April, it's that the dollar bears the brunt of tariff drama," the bank said. ING analysts noted that...
Gold prices declined more than 1% on Tuesday as the dollar's reversal to trade higher added to the pressure on the safe-haven asset following U.S. President Donald Trump's less aggressive trade stance towards the European Union. Spot gold was down 1.6% at $3,289.93 an ounce as of 1155 GMT. U.S. gold futures fell 2.3% to $3,287.80. Prices had softened on Monday as well after Trump, on Sunday, retreated from his threat to impose new tariffs on the European Union next month, instead reinstating a July 9 deadline for trade negotiations. "Gold trades lower for a second day with technical...