Gold retreats from five-week high as investors book profits
Spot gold fell 0.3 per cent to US$3,386.25 per ounce by 0808 GMT. Earlier in the session, bullion hit its highest since June 17.
US gold futures were down 0.2 per cent at US$3,398.40.
Gold prices edged lower amid profit-taking but remained close to the five-week high due to lingering uncertainty ahead of the August 1 tariff deadline, said Jigar Trivedi, a senior commodity analyst at Reliance Securities.
"Gold is likely to stay bullish. A strong resistance is seen near US$3,420. On the flip side, US$3,350 is a support," he said.
The US dollar index edged up 0.1 per cent against its rivals. A stronger dollar makes greenback-priced gold more expensive for other currency holders.
European Union diplomats said the bloc is exploring broader counter-measures against the United States as prospects for a trade agreement with Washington diminish. Trump has threatened 30 per cent tariffs on European imports if no deal is reached before the Aug 1 deadline.
US Treasury Secretary Scott Bessent said the administration prioritises the quality of trade deals over timing.
Focus is also on the US Federal Reserve's monetary policy meeting scheduled for next week, where the central bank is expected to hold interest rates steady for now and potentially begin cuts in October.
Gold tends to perform well in a low-interest-rate environment and during times of geopolitical and economic uncertainty.
Spot silver fell 0.3 per cent to US$38.81 per ounce, platinum was steady at US$1,437.65 and palladium declined 0.2 per cent to US$1,261.93.
Russia's Nornickel, the leading global producer of palladium, lowered its palladium output forecast, now expecting between 2.68 million and 2.73 million ounces compared with the earlier estimate of 2.70 million to 2.76 million ounces.
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