India, May 27 -- Following the long Memorial Day weekend, the price of gold showed a significant move to the downside during trading on Tuesday.
Gold for May delivery tumbled $64.50 or 1.9 percent to $3,299.10 an ounce after surging $71.30 or 2.2 percent to $3,363.60 an ounce during last Friday's session.
The sharp pullback by the price of the precious metal came after President Donald Trump announced he is delaying a threatened 50 percent tariff on imports from the European Union.
"I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union," Trump said in a post on Truth Social on Sunday.
"I agre...