“Gold fell in price after Trump’s postponement of duties on goods from the EU – ReutersGold prices fell after Trump delayed the introduction of 50% duties on European goods. Interest in gold as a safe asset has
decreased.”, — write: unn.ua
DetailsOn May 26, gold prices fell as US President Donald Trump postponed the introduction of 50% tariffs on goods from the European Union, which reduced interest in the precious metal as a safe asset, the publication notes.
As reported, the spot price of gold fell by 0.8% to $3,329.78 per ounce. US gold futures lost 1.1%, stopping at $3,329.20.
Other precious metals also fell in price: spot silver fell by 0.5% to $33.31 per ounce, platinum by 0.8% to $1086.2, and palladium by 0.7% to $985.51.
Markets were closed on Monday due to public holidays in the US and Great Britain.
“I would call it a day of range trading. Given Memorial Day in the US, activity is likely to be low today,” said Giovanni Staunovo, UBS analyst, commenting on the slight decline after Trump’s decision to postpone the introduction of tariffs on EU goods.
Gold price forecastsLast week, gold showed the best dynamics in the last six years. This happened after Trump again threatened tariffs on goods from the EU and announced a possible 25% tariff on any Apple iPhones sold in the US but manufactured outside the country. At the same time, the dollar index fell to almost a monthly low.
“We still expect prices to rise over the next few months. Gold is likely to test the $3,500 per ounce level again,” Staunovo said.
On Sunday, Citi raised its gold price forecast for the next three months from $3,150 to $3,500 per ounce, citing US tariff policy, geopolitical risks and concerns about the US budget. The bank expects gold to consolidate in the range of $3,100 to $3,500 per ounce.
AddAt the same time, according to the Hong Kong Census and Statistics Department, in April, net gold imports to China via Hong Kong more than doubled the March figure and became the highest since March 2024.
Let us remind youUS President Trump postponed the introduction of a 50% tariff on trade with the EU until July 9, 2025 at the request of Ursula von der Leyen. Negotiations between the EU and the US are to begin in the near future.
The President of the European Commission herself wrote that she had a good conversation with the President of the United States, while the EU and the US “have the most important and close trade relations in the world”.