FX.co ★ Gold Falls as Trump Postpones Tariffs on EU

On Monday, the price of gold fell below $3,340 per ounce as demand for this traditional safe-haven asset decreased. This followed President Donald Trump's decision to postpone the implementation of a 50% tariff on European goods. On Sunday, Trump announced a new deadline of July 9, allowing more time for negotiations with European leaders, thus avoiding the initial date of June 1 for the tariff imposition. Despite this, trade issues persist, with Trump also cautioning Apple Inc. on Friday about a potential 25% tariff on its products if iPhones are not manufactured within the United States. Last week, gold had increased by nearly 5% amid growing uncertainties in trade and concerns over the US's economic and fiscal direction. Trump's newly passed tax bill, having cleared the House and now awaiting a Senate vote anticipated by August, is expected to expand the US budget deficit by nearly $3 trillion over the coming decade.