Gold prices fell by more than 1% yesterday, retreating from a three-week peak reached earlier in the session, as the rise of the dollar and profit-taking negatively impacted prices. Investors are keenly awaiting clarity on President Donald Trump’s plans regarding tariffs.
During trading, gold in spot markets decreased by 1.1% to $1,174.68 per ounce, marking the end of a four-session winning streak. Meanwhile, U.S. gold futures for April delivery dropped by 0.6% to $1,193.80.
The dollar strengthened by 0.2%, making gold priced in the U.S. currency more expensive for holders of other currencies. On Friday, the U.S. Supreme Court ruled that Trump’s use of the 1977 Emergency Act to impose tariffs exceeded his authority, yet the Customs and Border Protection announced that Washington implemented new 10% tariffs yesterday on all goods not exempted.
On Monday, Trump warned countries against withdrawing from trade agreements recently negotiated with the United States after the Supreme Court struck down the emergency tariffs he had imposed. He indicated he would impose significantly higher tariffs on those countries under different trade laws.
Simultaneously, Oman’s Foreign Minister Badr al-Busaidi announced on Sunday that Iran and the United States would hold a third round of nuclear talks this Thursday in Geneva.
In addition, silver prices in spot transactions slipped by 0.1% to $18.14 per ounce after hitting a two-week high in the previous session. Platinum increased by 0.3% to $1,160.69 per ounce, while palladium also rose by 0.3% to $748.50.