World gold prices dropped.

The price of gold per ounce for immediate delivery fell by 4.9 percent, to $ 2 and 2 cents. The price of gold in the US futures market declined by 2.9 percent to $ 2 and 2 cents.

"After stopping tariffs against the European Union, there is some peace in the market and we are seeing gold weakened," said Kyle Roda, a financial market analyst at the Capital website. However, due to US actions, the trend is still positive for gold and can have a negative impact on US dollar and assets. He added that most central banks are away from the dollar and go to gold.

US President Donald Trump, on Sunday, after the European Commission's head said the block would take more time to reach a good deal, withdrew its threat to accelerate increased tariffs on imports of goods from the European Union and agreed to extend the deadline for commercial negotiations by July 18.

The price of gold per ounce last Friday rose more than two percent and reached the highest level in two weeks. The increase came after Trump proposed a 5 % tariff on EU imports since June 1, saying: "The tariff imposition on Apple's iPhone imports was investigating."

Meanwhile, the dollar index reached its lowest level in the past month against its competitors. The weaker dollar will make gold priced in US currency cheaper for foreign buyers.

According to Reuters, the SPD Argoldtrast Fund, the world's largest trading fund -based investment fund, announced that its assets fell by 4.9 percent last Friday, down by 4.9 tonnes, while the figure was 3.6 tonnes last Thursday.

City Bank, citing the recent intensification of geopolitical tariffs and risks, has reviewed the price of gold ounces in the short term to $ 2. The bank said in a note on Sunday that it expects the price of gold to be stabilized between $ 1 and $ 2, up from $ 1 to $ 2 on May 5. City, despite this increase, still maintains its cautious position on gold in the long run.

City Bank has been optimistic about this precious metal since the first time, and for the first time it raised gold prices in April to $ 2 per ounce. The record of gold was broken on April 7 due to concerns about Federal Reserve independence. The bank expects the price of gold per ounce in the second half of the year, still stabilized at the current level and predicts that there are strong trading opportunities between $ 1 and $ 2 per ounce. The demand for gold is strong, and approximately 2.5 percent of the world's GDP is currently spent on gold, which is the highest in half a century.

In the market of other valuable metals, the price of silver ounces remained at $ 2 and 2 cents. The ounce of platinum declined by 4.9 percent to $ 2, and the palladium ounce rose by 4.9 percent, to $ 2 and 2 cents.