Gold Drops As Trump Signals Tariffs On BRICS Nations

Benzinga

Gold prices slipped on Monday as the U.S. dollar strengthened, according to Bloomberg. Spot gold is down 0.8% to $3,311.44 an ounce amid geopolitical uncertainty and looming tariffs. President Donald Trump announced a new 10% levy targeting countries aligned with the BRICS bloc, which is expected to boost the dollar and pressure bullion. Treasury Secretary Scott Bessent noted levies won’t take effect until August 1st, leaving time for trade negotiations. Bullion remains up over 25% this year, supported by ETF inflows and central bank demand. BRICS leaders are advancing talks on a cross-border payment system, prompting Trump to warn of higher tariffs if they abandon the dollar.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Gold prices slipped on Monday as the U.S. dollar strengthened, according to Bloomberg.

00:06Spot gold is down 0.8% to $3,311.44 an ounce, amid geopolitical uncertainty and looming tariffs.

00:15President Donald Trump announced a new 10% levy that will target countries aligned with

00:19the BRICS bloc, boosting the dollar and pressuring bullion. Treasury Secretary Scott Besant noted,

00:24levies won't take effect until August 1st, leaving time for trade negotiations.

00:27Bullion remains up over 25% this year, supported by ETF inflows and central bank demand.

00:33BRICS leaders are advancing talks on a cross-border payment system,

00:36prompting Trump to warn of higher tariffs if they abandon the dollar.

00:38For all things money, visit Benzinga.com.

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