Ammon News - Gold prices dropped on Monday after U.S. President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries, dampening demand for the safe-haven metal.

Spot gold fell 0.8% to $3,306.85 per ounce, as of 0430 GMT. U.S. gold futures were down 0.8% at $3,315.70.

The U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday, with the higher rates scheduled to take effect on August 1.

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.

Spot silver fell 1.1% to $36.52 per ounce, platinum shed 2% to $1,363.39, and palladium lost 2% to $1,112.53. Reuters