Gold Drops to Two-Week Low After U.S.-Europe Trade Deal

On Monday, gold prices fell to their lowest levels in nearly two weeks due to a preliminary trade agreement between the United States and the European Union, which reduced investors' interest in safe-haven assets. The spot price of gold dropped by 0.1% to reach $3332.39 per ounce by 00:20 GMT, after hitting its lowest level since July 17.

The U.S. gold futures also declined slightly by 0.1% to trade at $3332.50 per ounce. On Sunday, an agreement was reached between the United States and the European Union to impose a 15% tariff on most of the EU's goods, which is half of what the U.S. had initially threatened to impose.

In the realm of other precious metals, the price of silver in the spot market edged up by 0.1% to $38.17 per ounce, while platinum saw a more significant increase of 0.9%, reaching $1413.50. Palladium also climbed by 0.5% to $1225.25 per ounce.