Gold prices experienced a decrease from a two-week peak. This development occurred following Donald Trump’s establishment of a new deadline for a trade agreement with the European Union. He postponed the implementation of tariffs. Previously, gold prices experienced an increase attributed to heightened safe-haven demand. This occurred following Trump’s proposal of tariffs on imports from the European Union. Russian military operations targeted urban centers in Ukraine. Israeli strikes have resulted in the deaths of Palestinians in Gaza.

Gold prices declined from a two-week high on Monday following U.S. President Donald Trump’s announcement of a July 9 deadline for a trade agreement with the European Union, retracting his previous warning of a 50% tariff effective June 1. Spot gold experienced a decline of 0.5%, trading at $3,339.13 per ounce, as of 0100 GMT. U.S. gold futures experienced a decline of 0.8%, settling at $3,337.40. On Sunday, Trump retracted his previous threat to accelerate the imposition of 50% tariffs on imports from the European Union, opting instead to extend the deadline for trade negotiations until July 9. This decision followed a statement from the head of the EU executive body, indicating that the bloc required additional time to “reach a good deal.”

Gold prices increased by over 2% to reach a two-week high on Friday, buoyed by safe-haven inflows following Trump’s suggestion of 50% tariffs on European Union imports starting June 1, alongside the consideration of a 25% tariff on any Apple iPhones produced outside the United States. The dollar index, in contrast, declined to a level not seen in nearly a month relative to its counterparts. A depreciated dollar renders gold, priced in dollars, more affordable for holders of other currencies.

In a significant escalation of hostilities, Russian military forces executed a coordinated assault involving 367 drones and missiles targeting Ukrainian urban centers overnight. This operation marks the most extensive aerial offensive of the conflict to date, resulting in the deaths of at least 12 individuals and injuries to numerous others, according to official reports. On Sunday, Israeli military strikes resulted in the deaths of at least 30 Palestinians throughout the Gaza Strip, according to local health authorities. Among the deceased were a senior official from the rescue service and a journalist. Trump stated that U.S. negotiators engaged in “very good” discussions with an Iranian delegation over the weekend as he aims for an agreement to inhibit Tehran’s development of a nuclear weapon.

The SPDR Gold Trust, recognized as the largest gold-backed exchange-traded fund globally, reported a decline in its holdings of 0.15%, decreasing to 922.46 tons on Friday from 923.89 tons on Thursday. * Spot silver declined by 0.3% to $33.36 per ounce, while platinum saw a modest increase of 0.1% to $1,095.90, and palladium experienced a rise of 0.8% to $1,000.83.