Gold retreats from five-week high as investors book profits
Spot gold fell 0.3% to $3,385.20 per ounce. Earlier in the session, bullion hit its highest since June 17. U.S. gold futures were down 0.3% at $3,396.10.
Gold prices edged lower amid profit-booking but remained close to the five-week high due to lingering uncertainty ahead of the August 1 tariff deadline, said Jigar Trivedi, a senior commodity analyst at Reliance Securities.
"Gold is likely to stay bullish. A strong resistance is seen near $3,420. On the flip side, $3,350 is a support," he said.
The U.S. dollar index steadied against its rivals. A stronger dollar makes greenback-priced gold more expensive for other currency holders.
European Union diplomats said the bloc is exploring broader counter-measures against the United States as prospects for a trade agreement with Washington diminish. Trump has threatened 30% tariffs on European imports if no deal is reached before the August 1 deadline.
U.S. Treasury Secretary Scott Bessent said the administration prioritises the quality of trade deals over timing.
Focus is also on the U.S. Federal Reserve's monetary policy meeting scheduled for next week, where the central bank is expected to hold interest rates steady for now and potentially begin cuts in October.
Gold tends to perform well in a low-interest-rate environment and during times of geopolitical and economic uncertainty.
Spot silver fell 0.3% to $38.74 per ounce, platinum was down 0.4% to $1,433.20 and palladium declined 1.8% to $1,242.54.
Russia's Nornickel, the leading global producer of palladium, lowered its palladium output forecast, now expecting between 2.677 and 2.729 million ounces compared with the earlier estimate of 2.704-2.756 million ounces.
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