Gold Prices: Gold prices on the Multi Commodity Exchange opened lower on Monday morning. The decline was due to weakness in the international bullion market as United States President Donald Trump hinted at progress on multiple trade deals and announced extended tariff relief for several countries. The price of the yellow metal on MCX opened 0.52 percent lower at Rs 96485 per 10 grams compared to its previous close of Rs 96990. On the other hand the silver price on MCX opened at Rs 108124 per kg which is 0.38 percent lower than its previous close of Rs 108429 Gold Prices: What Is The Detail? At around 9.10 am the gold prices on MCX were trading at around Rs 490 or 0.5 percent lower at 96500 per kg. The prices of silver on MCX was Rs 143 or 0.13 lower at Rs 108286 per kg. If we talk about the international bullion market the prices of the yellow metal plunged due to waning safe-haven demand. Spot gold price declined by 0.6 percent to $3314.21 an ounce while US gold futures fell 0.6 percent to $3322. Spot silver price fell 0.8 percent to $36.81 an ounce. Gold Prices: Major Reason Behind Decline In Prices United States President Donald Trump stated that his country is pretty close to finalising several trade agreements in the coming days. He added that his government will notify other countries with higher tariff rates by the deadline which is July 9. Notably the higher rates will take place from August 1. In April President Trump initiated a 10 percent base tariff on goods from most countries with potential additional tariffs reaching 50 percent. However the implementation of most of these additional tariffs was delayed until July 9th providing a three-week postponement for affected nations. According to Jigar Trivedi senior research analyst at Reliance Securities the prices of the yellow metal fell as investors assessed ongoing trade developments. Gold prices fell as investors assessed ongoing trade developments. The possibility of a tariff extension weakened the metals safe-haven appeal. Meanwhile investors now await an update on US fiscal policy while strong labour data last week has dampened expectations of a rate cut by the Fed in July.