Gold prices declined today, pulling back from a two-week peak, after U.S. President Donald Trump announced a new deadline of July 9 for finalizing a trade agreement with the European Union.
This announcement marked a significant shift in stance, as it reversed an earlier warning that the U.S. would impose 50 percent tariffs on European goods beginning June 1.
The move to extend the deadline provided markets with a sense of temporary relief, reducing demand for safe-haven assets like gold, which typically benefit from geopolitical and trade-related uncertainties, reports Al-Rai daily.
As of 01:01 GMT, spot gold fell by 0.5 percent to $3,339.13 per ounce, retreating from recent gains that had pushed it to its highest level in two weeks.
Meanwhile, oil prices saw an uptick following news of the extended trade talks, reflecting investor optimism that a potential resolution between the U.S. and EU could help support global economic growth and energy demand.
