Precious Metals Preview: COMEX gold extends slide near one-week low

COMEX Gold extended slide on Monday morning in Asia to a one-week low amid easing safe haven demand as U.S. President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries. Trump announced in April a 10% base tariff on most countries, with additional duties of up to 50%. He later postponed the effective date for all but 10% of those tariffs until July 9. The new date grants a three-week reprieve to most affected nations. However, the yellow metal was weighed down by the US June Nonfarm Payrolls (NFP) report that indicated continued labor market resilience, reducing the possibility of the Fed?s near-term monetary accommodation. Currently, the counter is quoting lower by 0.84% at $3321.40 an ounce.

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