Gold prices fell more than 0.50% on Monday (5/26) amid lack of demand for haven assets after United States (US) President Donald Trump delayed tariffs on the European Union (EU). Meanwhile, trading remained quiet due to the closure of the UK and US financial markets for a holiday. At the time of writing, XAU/USD was trading at $3,336.
The market mood improved after Trump's statement on Sunday, delaying the imposition of tariffs on EU products until July 9. Therefore, Bullion was pressured after last week's gain of more than 4.86%, the most significant increase since the week began on April 7.
On Friday, XAU/USD extended its bullish move as Trump continued to pressure Apple (AAPL) to make iPhones in the US. Otherwise, a 25% tariff would be imposed. At the same time, he has escalated his rhetoric against the EU, threatening to impose a 50% tariff on its goods. This pushed the gold metal from $3,287 to last week's high of $3,365.
Despite the decline, Gold prices will continue to strengthen, as Reuters revealed that "China's net gold imports via Hong Kong more than doubled in April from March, and were the highest since March 2024, data showed."
In addition, geopolitical risks remain high after Russia invaded Ukraine for the third straight night, prompting an angry reaction against Trump.
This week, the US economic docket will feature April Durable Goods Orders, the minutes of the Federal Open Market Committee (FOMC) meeting, the second estimate of Q1 2025 Gross Domestic Product (GDP) and the release of the Core Personal Consumption Expenditures (PCE) Price Index, the Fed's favorite inflation gauge.(alg)
Source: FXstreet
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