Gold Pulls Back Sharply After Trump Delays EU | Commodities
(RTTNews) – Following the long Memorial Day weekend, the price of gold confirmed a important transfer to the draw back during trading on Tuesday.
Gold for May supply tumbled $64.50 or 1.9 p.c to $3,299.10 an ounce after surging $71.30 or 2.2 p.c to $3,363.60 an ounce during final Friday’s session.
The sharp pullback by the price of the dear metallic got here after President Donald Trump introduced he’s delaying a threatened 50 p.c tariff on imports from the European Union.
“I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union,” Trump mentioned in a post on Truth Social on Sunday.
“I agreed to the extension — July 9, 2025 — It was my privilege to do so,” he added. “The Commission President said that talks will begin rapidly.”
Trump mentioned in a subsequent Truth Social post this morning that the EU has “called to quickly establish meeting dates,” which he described as a “positive event.”
“I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America,” he mentioned. “They will BOTH be very happy, and successful, if they do!!!”
Further lowering gold’s protected haven appeal, the Conference Board launched a report exhibiting a substantial enchancment by U.S. shopper confidence within the month of May.
The Conference Board mentioned its shopper confidence index spiked to 98.0 in May after plunging to a downwardly revised 85.7 in April.
Economists had anticipated the buyer confidence index to inch up to 87.3 from the 86.0 initially reported for the earlier month.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.
Stay up to date with the latest news within the commodities markets! Our web site is your go-to source for cutting-edge commodity news, market trends, insights, and updates on key assets. We present day by day updates to make sure you have entry to the freshest info on commodity actions, industry efficiency, provide and demand shifts, and main market bulletins.
Explore how these trends are shaping the long run of world commodities! Visit us frequently for probably the most participating and informative content material by clicking right here. Our rigorously curated articles will keep you knowledgeable on market shifts, investment methods, commodity evaluation, and pivotal moments within the world of assets.
