Gold pulls back all the gains from last week as tariff delays combined with a stronger dollar put pressure on gold prices.

On May 27, gold futures prices maintained a downward trend, giving up all the gains of Friday's rebound. However, it is still up nearly 23% year-to-date. Trade Nation analyst David Morrison said in a note that the precious metal's price surged after President Trump announced a new 50% tariff on the European Union on Friday, but gold prices retreated over the weekend after the Trump administration postponed the tariffs for five weeks. Morrison said a stronger dollar on Tuesday brought further downward pressure. He added that despite the decline at the start of the week, overall dollar weakness and market uncertainty still make gold a defensive investment option for traders to watch.