Gold Prices Fall After Trump Cabinet Members Signal Extension Of Tariff Deadline

Spot gold prices were down 0.8% at 3,311.52 per ounce, while U.S. gold futures were also down 0.8% at $3,318.85 per ounce.
Stack of gold bars. The SPDR Gold Shares ETF has risen nearly 27% this year.
Stack of gold bars. The SPDR Gold Shares ETF has risen nearly 27% this year. (Photo: Getty Images)
Profile Image
Sourasis Bose·Stocktwits
Published Jul 07, 2025 | 12:46 AM GMT-04
Share this article

Gold prices receded in Asia trading hours on Monday after the Trump administration signaled that the deadline for U.S. trading partners to conclude deals could be extended till August.

Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent said that the U.S. is close to concluding deals with several countries, and others will likely receive more time before Donald Trump’s “Liberation Day” tariffs take effect.

“President Trump's going to be sending letters to some of our trading partners, saying that, if you don't move things along, then, on August 1, you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly,” Bessent said in an interview with CNBC.

Spot gold prices were down 0.8% at 3,311.52 per ounce, while U.S. gold futures were also down 0.8% at $3,318.85 per ounce. Retail sentiment about SPDR Gold Shares ETF (GLD) on Stocktwits was in the ‘extremely bearish’ territory.

Gold prices have increased by more than 26% this year, driven by a surge in geopolitical tensions and the risk of inflation from tariffs. So far, the U.S. has only agreed to trade deals with the UK and Vietnam.

Last week’s non-farm payrolls data came in stronger than expected, diminishing hopes of a rate cut by the Federal Reserve. According to CME Group’s FedWatch tool, 95.3% of traders expect the U.S. central bank to maintain the benchmark interest rates at their present levels. Elevated interest rates tend to harm bullion, which is a non-interest-bearing asset.

Separately, the BRICS, an organization comprising Brazil, Russia, India, China, and South Africa, continued talks over a cross-border payment system for trade and investment over the weekend, according to a report by Bloomberg. Trump had threatened to slap 100% tariffs on the group if it had threatened the dollar’s dominance in international trade.

The SPDR Gold Shares ETF has gained 27% this year, while the SPDR S&P 500 ETF (SPY) is up nearly 7%.

Also See: Oil Prices Pull Back After OPEC+ Supply Boost Shocks Markets, Focus Shifts To Trade Deals

Subscribe to Chart Art
All Newsletters
The best trade ideas and analysis from the Stocktwits community. Delivered daily by 8 pm ET.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read about our editorial guidelines and ethics policy

Advertisement. Remove ads.