02:00 PM EDT, 04/07/2025 (MT Newswires) -- (Updates prices.)

Gold traded lower mid-afternoon on Monday as the dollar and treasury yield rose as global stock markets continue to weaken after U.S. President Donald Trump last week imposed hefty tariffs on most of the country's trading partners.

Gold for June delivery was last seen down US$54.40 to US$2,981.00 per ounce.

The drop comes as stock markets worldwide plunge for a third-straight session on Monday following the U.S. tariff announcement. European and Asian markets were sharply lower, with Hong Kong's Hang Seng Index dropping 13%, while most U.S. exchanges were lower, but were somewhat calmer than the two-day plunge on Thursday and Friday.

Gold's decline comes as the dollar strengthened, with the ICE dollar index last seen up 0.21 points to 103.23. However treasury yields were sharply higher, with the U.S. two-year note was last seen paying 3.763%, up 10.1 basis points, and the yield on the 10-year note was up 18.9 points to 4.198%.