Gold fell around 0.50% throughout Monday's trading amid a lack of safe-haven appeal after US President Donald Trump suspended tariffs on the European Union (EU).
Market sentiment was subdued following the closure of financial operations in the United Kingdom and the United States for the holiday.
At 9.20 am, the price of gold was at $3,339.30, which remained unchanged since it opened in early trading on Tuesday in the Asian session.
Market sentiment improved at the beginning of the week when Donald Trump in his statement rejected the enactment of duties on EU products until July 9 and Bullion experienced instability after gaining more than 4.86%, a significant increase last week.
Last Friday, gold extended its upward move after Trump put pressure on Apple by ordering them to focus on manufacturing in the US. Otherwise, 25% of the duties will be imposed.
On the same day, he escalated his tariff rhetoric against the EU by imposing a 50% tariff on its goods, driving gold prices to a weekly high of $3,365.
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In addition, gold prices may have retreated for a while, but a surge in imports by China continues to support the potential rise of the precious metal.
According to a Reuters report, China's net gold imports via Hong Kong more than doubled in April compared to March, recording the highest level since March 2024, based on official data.
Geopolitical risks remain high following Russia's attack on Ukraine for the third consecutive night, triggering international condemnation including an angry reaction from US President Donald Trump.
This week, market attention is also focused on the US economic docket, which includes April Durable Goods Orders data, FOMC meeting minutes, the second estimate of First Quarter 2025 GDP and the release of the Core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's (Fed) preferred inflation gauge.
