Image Source: Unsplash

It was a somewhat eventful start to the week for the precious metals.

Both gold and silver sold off on the Sunday night Far East open, and were down substantially into the New York trading session, before rebounding higher in the afternoon.

The gold futures ended up even on the day.

While silver finished 20 cents lower.

On Monday Trump also announced new tariffs on Japan and South Korea.

President Donald Trump said on Monday that the U.S. would impose a 25% tariff on imports from Japan and South Korea beginning Aug. 1 as he unveiled the first two of an expected 12 letters to trading partners outlining the new levies they face.

"If for any reason you decide to raise your tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump said in letters to the leaders of the two Asian countries, which he posted on his Truth Social platform.

Additionally, he said that steep tariffs on five more countries would begin on August 1, and threatened an additional 10% tariff on countries that align with the BRICS (who have just finished up their two-day summit in Brazil).

More By This Author: