Gold drops to one-week low below $3,300 as Trump extends tariff deadline
|The price of gold fell to a one-week low on Monday, following news that U.S. President Donald Trump had moved the deadline for nations to agree on a new tariff deal.
Initially, the deadline for U.S. trading partners was set for July 9th, with failure to reach an agreement leading to a tariff rate hike of up to 50%.
So far, the United Kingdom and China have reached partial agreements, with Canada also reportedly close to finalizing new terms.
This extension has given markets a reprieve, leading investors to move away from safe-haven assets like gold in the meantime.
XAUUSD fell to an intraday low of $3,296 in today’s session, with a support level of $3,280 the next possible target for bears.
The decline coincided with the relative strength index (RSI) failing to break resistance at 50.00, and is now tracking at 45.00
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