02:00 PM EDT, 06/03/2025 (MT Newswires) -- (Updates prices.)

Gold prices eased mid-afternoon on Tuesday as the dollar rose despite a forecast for weakening U.S. growth amid the country's global tariff battles.

Gold for August delivery was last seen down US$20.10 to US$3,377.10 per ounce, after rising 1.6% a day earlier.

The drop comes as the Organization for Economic Cooperation and Development (OECD) cut its forecast for U.S. economic growth this year to 1.6% from its prior 2.2% estimate as President Trump's erratic tariff policies slow imports. The group also cut its forecast for global growth in 2025 to 2.9% from 3.1%.

"Global economic prospects are weakening, with substantial barriers to trade, tighter financial conditions, diminishing confidence and heightened policy uncertainty projected to have adverse impacts on growth," the OECD said in a release.

Still, the dollar rose off the lowest since April 21 early, with the ICE dollar index last seen up 0.49 points to 99.2. Treasury yields were higher, with the U.S. two-year note last seen paying 3.974%, up 2.5 basis points, while the yield on the 10-year note was up 1.9 points to 4.469%.