Gold fell to around $3,310 per ounce on Monday, giving back some gains from last week, as investors assessed ongoing trade developments. President Donald Trump confirmed that his sweeping reciprocal tariffs will take effect on August 1 and reiterated warnings that higher tariffs would target nations that fail to reach agreements. Treasury Secretary Scott Bessent echoed this, saying tariffs would revert to April 2 levels for countries without a deal. He also indicated a possible extension, noting that countries lacking an agreement by Wednesday may have an extra three weeks to continue discussions. The prospect of extension of renegotiations weakened the metal’s safe-haven appeal. Meanwhile, investors also awaited updates on US fiscal policy, while strong labor data last week tempered expectations for a July rate cut by the Federal Reserve.