ISTANBUL

The price of gold declined around 2% on Friday on a daily basis after the progression of the trade talks between several countries and the US.

The ounce price of gold dropped by 2.05% to $3,258.50 as of 1330GMT.

The decline in the price of gold followed US President Donald Trump's announcement Thursday that they signed a trade deal with China and that a very big deal with India was on the way.

"We're having some great deals. We have one coming up, maybe with India, a very big one, where we're going to open up India," he said.

In addition, trade negotiations between the EU and the US are also ongoing, with the EU seeking to reach a deal before the tariff deadline of July 9.

Meanwhile, the White House signaled that the president could extend the tariff deadlines.

Asked if the president is still committed to reaching trade agreements by the deadline, spokesperson Karoline Leavitt said the date is "not critical."

"Perhaps it (deadline) could be extended, but that’s a decision for the president to make," Leavitt added.

The fall in the price of gold also came after the easing of tensions in the Israel-Iran conflict following a ceasefire announcement last week.

Trump announced the ceasefire between Iran and Israel, bringing an end to the 12 days of armed conflict between the two countries.

During the clashes, commodity prices, particularly oil and gold, increased significantly.