Gold Falls as Trump Delays EU Tariffs to July

Gold prices declined globally and in local markets, including Pakistan, after President Donald Trump postponed the implementation of 50% tariffs on European Union goods until July 9, easing immediate trade tensions. The announcement came after gold surged nearly 5% in the previous week amid tariff threats, US fiscal concerns, and geopolitical risks such as Russia’s ongoing attacks on Ukraine. Trading was muted due to US and UK holidays, while a softer dollar and persistent uncertainty over US trade and budget policies provided some support for gold. Analysts from Citi and UBS predict continued volatility and suggest gold could revisit highs near $3,500 per ounce, citing enduring economic and geopolitical risks. Strong Chinese gold imports indicate confidence in the metal’s outlook. The Pakistani rupee also weakened slightly against the US dollar as local gold prices followed international trends.