Ammon News - Gold prices eased on Monday after U.S. President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1.

Spot gold was down 0.3% at $3,346.55 an ounce, as of 0522 GMT. U.S. gold futures fell 0.6% to $3,345.80.

"There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, Capital.com's financial market analyst.

Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States.

The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders.

Spot silver rose 0.1% to $33.52 an ounce, platinum edged 0.1% lower to $1,093.13 and palladium gained 0.8% to $1,000.49. Reuters