Precious Metals Preview: COMEX gold stabilizes near $3350 an ounce

Gold is seen stabilizing on Monday morning after President Donald Trump agreed to delay the planned 50% tariff on European goods as the commodity saw a sharp surge over the weekend above $3350 per ounce. The precious metal had benefitted from its appeal as a safe haven after President Donald Trump threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st. Trump claimed in a post on Truth Social that the EU has been very difficult to deal with and said trade talks with the bloc are going nowhere!Geopolitical tensions also supported sentiment, following reports of potential Israeli strikes on Iranian nuclear sites. Besides, a weaker dollar, which fell below 99 mark made bullion more attractive for overseas buyers. Worry over President Trump?s new budget proposal which includes tax cuts and increased defense spending also added pressure on the greenback and lifted the yellow metal. Currently, the counter is quoting at $3343.30 an ounce, down 0.6%. On the domestic front, MCX June gold futures rose above Rs 96000 per 10 grams.

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