At 7:43 AM IST, the price of Gold Spot (XAU/USD) stood at $3,348.17, down $9.25 or 0.28%, reflecting mild weakness in the precious metal as global sentiment adjusted to recent geopolitical and economic signals.
Tariff deadline extension fuels market sentiment
The marginal dip in gold prices comes amid reports that former U.S. President Donald Trump has agreed to delay the imposition of a 50% tariff on European Union goods from June 1 to July 9, 2025, following a call with European Commission President Ursula von der Leyen. The move is seen as a temporary easing of trade tensions, pressuring safe-haven assets like gold.
Additionally, signs of a weaker U.S. dollar have also influenced gold’s recent range-bound movement. Gold typically trades inversely to the dollar, and a softer greenback tends to make the metal more attractive for non-dollar buyers.
Key levels to watch
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Day’s range: $3,331.68 – $3,357.42
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52-week range: $2,286.77 – $3,500.33
Traders will monitor further geopolitical developments and economic indicators for short-term direction in gold prices.
Note: This article is for informational purposes only. Business Upturn does not provide any investment advice. Please consult a qualified financial advisor before making any trading or investment decisions.
