Gold Gives Back All of Last Week's Gains as Tariff Delay and Stronger Dollar Weigh on Prices
Gold futures prices continued to decline, erasing all of Friday's rebound gains. However, they are still up nearly 23% year-to-date. Trade Nation analyst David Morrison stated in a report that the price of this precious metal surged on Friday after President Trump announced a 50% increase in tariffs on the EU, but the gains retreated after the Trump administration postponed the tariffs for five weeks over the weekend. Morrison noted that a stronger dollar on Tuesday added further downward pressure. He added that despite the early week decline, overall dollar weakness and market uncertainty still make gold a defensive investment choice for traders.
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EIA expects Brent crude spot prices to remain at $100 per barrel for the rest of the year and raises the average price forecasts for this year and next.
The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.
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