The issue of U.S. President Donald Trump's trade tariffs remains a source of deep tension between allies and the U.S. Trump hasn't attended a G7 summit since 2019, after upsetting the group the year before by withdrawing U.

Leaders from the Group of Seven nations begin annual talks on Monday amid wars in Ukraine and the Middle East that add to global economic uncertainty, as host Canada tries to avoid a clash with U.S. President Donald Trump.

In 2018, the president called for the group to embrace Russia and stormed out of the summit. Now he is seeking to shrink America’s military role abroad and embarking on a more expansive trade war.

Gold fell on Monday as investors weighed the impact of the ongoing Israel-Iran conflict, while also focusing on the Group of Seven leaders meeting and the Federal Reserve policy decision later this week.

President Trump's upcoming week is expected to include addressing the Israel-Iran conflict, attending the G7 summit in Canada and responding to nationwide anti-ICE protests.