09:31 AM EDT, 07/07/2025 (MT Newswires) -- Gold prices weakened early on Monday as the dollar rose despite confusion over the timing of threatened U.S. tariffs.

Gold for August delivery was last seen down US$26.90 to US$3.316.00 per ounce.

The precious metal has been rangebound since closing at a record US$3,452.80 per ounce on June 13, even as the dollar falls, last week touching the lowest since early 2022.

The drop comes amid confusion over when U.S. President Trump plans to implement tariffs on most of the country's trading partners. A 90-day pause was set to expire on July 9 but the Wall Street Journal reported the deadline could be pushed to Aug.1, even as Trump in a Sunday social media post that he would impose an extra 10% tariff on "any country aligning themselves with the Anti-American policies of BRICS", a group of emerging economies.

Still, uncertain U.S. trade policies have not prompted safe haven buying, with investors moving to add risk, with the S&P 500 index up 4.6% over the last month and closing Friday at a record high.

"Gold's current consolidation phase is extending into a twelfth week, with prices currently stuck in a USD 3,245 to 3,360 range. Today's softer price action is driven by a firmer dollar, while the risk of rising trade tensions may offer support," Saxo Bank noted.

The dollar rose early, with the ICE dollar index last seen up 0.21 points to 97.39. Treasury yields were mostly steady, with the yield on the U.S. two-year note last seen down 0.6 basis points to 3.886%, while the 10-year note was last seen paying 4.368%, up 1.7 points.