09:35 AM EDT, 06/03/2025 (MT Newswires) -- Gold prices eased early 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$10.40 to US$3,386.80 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 0.42 points to 99.12. Treasury yields were mostly steady, with the U.S. two-year note last seen paying 3.939%, down 0.1 basis points, while the yield on the 10-year note was down 2.3 points to 4.428%.