Gold extends losses as trade tensions ease

Gold bars

Gold prices fell on Monday amid thin trading volumes due to a US market holiday and easing trade tensions between Washington and Brussels, which dampened safe-haven demand.

June gold futures dropped 1.1%, or $36.3, to $3,329.3 an ounce.

Spot gold slipped 0.8%, or $26.71, to $3,330.28 an ounce by 2:41 p.m. Mecca time.

The US dollar index, which tracks the greenback against a basket of six major currencies, was down 0.1% at 99.04 points.

Silver futures for July delivery edged 0.35% lower to $33.49 an ounce. Spot palladium lost 0.8% to $984.93, while platinum slipped 0.7% to $1,087.57 an ounce.

Markets in the United Kingdom were closed for the Spring Bank Holiday, while US markets shut for Memorial Day.

US President Donald Trump delayed the planned 50% tariffs on European Union imports to July 9 from early June, easing trade risks and reducing demand for safe-haven assets.