Gold prices plunged nearly 2% on Friday as traders liquidated their bullion positions amid a broad market sell-off, after China retaliated with new tariffs against U.S. President Trump's massive levies. Spot gold fell 1.9% to $3,053.98 an ounce by 10:05 a.m. EDT (1405 GMT). It hit a record high of $3,167.57 on Thursday. U.S. gold futures fell 1.6% to $3,072.10. Investors sold some of their gold holdings to cover losses in other asset classes, driven by margin calls, analysts said. "We still see room for further upside risk, given the current risk-off environment... we expect prices to...
Gold fell more than 3% on Friday, erasing gains from earlier in the week, as investors sold bullion to cover losses from a broader market rout as escalating trade tensions stoked fears of a global recession. Spot gold fell 2.9% to $3,024.2 an ounce, after hitting a session low of $3,015.29 earlier in the session. It hit a record high of $3,167.57 on Thursday. For the week, gold is down 1.9%. U.S. gold futures settled 2.8% lower at $3,035.40. On the technical front, spot gold managed to hold above its 21-day moving average of $3,023. "We tend to view gold as a liquid asset that is used to...
Oil prices plunged nearly 8% on Friday to their lowest levels since 2021, while copper, soybeans and other commodities also fell as China retaliated against U.S. President Donald Trump's aggressive tariffs. Safe-haven gold prices fell for a second day, dragged down by a broader market selloff as major equity indexes plunged and recession fears mounted. Beijing proposed additional levies of 34% on all U.S. goods, retaliating after Trump announced a minimum 10% tariff on most U.S. imports, with much higher duties for dozens of countries including China. "This is the first very explicit...