Gold drops to one-week low below $3,300 as Trump extends tariff deadline

Eliman Dambell Sayvio AI

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

Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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