Gold prices slipped on Monday, with spot gold trading at $3,301.35 an ounce by lunchtime in London.
A firmer US dollar and strong payrolls data from last week pressured the metal, while US President Donald Trump’s latest tariff threats failed to stir significant safe haven interest.
Trump extended his self-imposed trade deadline to 1 August, easing immediate fears of disruption. The president confirmed that letters detailing planned tariffs, ranging from 10% to 50%, will be sent to major economies this week. He also floated an additional 10% levy on countries aligning with the Brics bloc, which he labelled “anti-American”.
Despite the tough rhetoric, markets appeared unconvinced by the immediacy of any fallout. The delay in implementation and lack of detail on the tariffs muted investor response.
Since April, the US has signed only a handful of trade deals, most notably with the UK and Vietnam, falling well short of Trump’s claimed “90 deals in 90 days” pledge.
For now, the gold market remains more focused on rate expectations than geopolitics, with strong US job numbers making a near-term Fed rate cut look increasingly unlikely.
