Gold prices experienced a decline on Sunday night following indications from U.S. President Donald Trump regarding advancements in various trade agreements and the announcement of an extended tariff reprieve for several nations, which has reduced the demand for the safe-haven metal.
Spot gold experienced a decline of 0.3%, trading at $3,323.71 per ounce in the late evening hours. U.S. gold futures experienced a decline of 0.3%, settling at $3,332.20. Spot silver was steady at $36.94 per ounce, platinum shed 0.3% to $1,388.06 and palladium remain unchanged at $1,134.38

The U.S. is nearing the completion of multiple trade agreements in the imminent days and will inform other nations of increased tariff rates by July 9, as stated by Trump on Sunday, with the elevated rates set to be implemented on August 1. In April, Trump declared a base tariff of 10% on the majority of countries, accompanied by supplementary duties that could reach as high as 50%. The effective date for all but 10% of those tariffs was subsequently postponed from July 9. The revised timeline provides a three-week extension for the majority of impacted countries.

Concerns regarding inflation driven by tariffs have influenced expectations surrounding Federal Reserve policy. Rate futures indicate that traders have adjusted their expectations, no longer anticipating a Federal Reserve rate cut this month, and are now factoring in only two quarter-point reductions by the end of the year. Last week, Trump enacted a substantial package of tax and spending reductions at the White House, which, according to nonpartisan analysis, is projected to increase the nation’s $36.2 trillion debt by over $3 trillion.
The U.S. dollar index experienced a decline of 0.3% on Monday, following its second consecutive weekly loss recorded last week. A depreciated dollar renders gold, priced in dollars, more accessible to international purchasers.

In other developments, the initial round of indirect ceasefire negotiations between Hamas and Israel in Qatar concluded without a resolution, according to two Palestinian sources acquainted with the situation. They noted that the Israeli delegation lacked the necessary mandate to finalize an agreement with Hamas.