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Gold for May delivery increased to $ 64.50 or 1.9 percent $ 3,299.10 per ounce of $ 71.30 or 2.2 percent to $ 3,363.60 per ounce during last Friday season.
Fast pullback at the price of precious metal, President Donald Trump announced that he was delaying 50 percent tariffs on imports from the European Union.
Trump said in a post on truth social on Sunday, “I received a call from European Commission Chairman Ursula von Der Leyen today, which requests an expansion on the time limit of June 1 on a 50% tariff in relation to trade and European Union.”
“I agreed to expand – July 9, 2025 – It was my good fortune to do so,” he said. “The chairman of the Commission said that the talks will begin rapidly.”
Trump said on a subsequent social position this morning that the European Union has “called to establish the dates of the meeting quickly,” which he has described as a “positive event”.
“I hope they, finally, will open European countries for trade with the United States, like my equal demand for China,” he said. “Both of them will be very happy, and will succeed, if they do !!!”
Reducing Gold’s safe haven appeal, the conference board released a report showing sufficient improvement by American consumer confidence in the month of May.
The conference board said that its consumer confidence index increased to 98.0 in May after taking a dip at 85.7 downwardly revised in April.
Economists had expected that the Consumer Confidence Index was inch from 86.0 to 87.3.
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