Gold prices edged down to around $3,350 per ounce on Monday, after gaining the most in two months on Friday, with investors weighing the implications of President Donald Trump’s looming tariffs and the Federal Reserve’s interest rate outlook. On Friday, bullion climbed 2.2%, its largest one-day gain since June 2nd, driven by safe-haven demand and growing bets on an interest rate cut. The rally was sparked by Trump’s announcement of sweeping new tariffs — ranging from 10% to 41% — on imports from dozens of countries, set to take effect on August 7. Additionally, US jobs data showed signs of a softening labor market, cementing expectations that the Fed may lower interest rates at its September meeting.
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