Gold Tumbles As Trump Tariff Shock Sparks Selloff From Record
Gold moved further away from its latest record high, swept up in the anxiety about the impact of a global trade war in the wake of US President Donald Trump's more-aggressive-than-expected tariff agenda.
Bullion slipped as much as 2.4% Friday, extending a decline from the prior session, as investors continued selling off the metal with other asset classes. The decline reversed Thursday's initial surge to a fresh all-time high of $3,167.84 an ounce following Trump's latest tariff announcements.
“There is severe wealth destruction with an historic drop in market value of US stocks,” said Nicky Shiels, head of research and metals strategy at MKS Pamp SA. “Gold, despite it holding up as a solid haven recently, just isn't immune to this major derisking reaction.”
US stocks TUMBLED Friday with the Nasdaq 100 Index sinking into a recession and the S&P 500 Index on pace for its worst week since March 2020. Traders boosted their bets on Federal Reserve interest-rate cuts and US Treasuries rallied.
Despite the jolt caused by the levies, gold stands to benefit this year from an increasingly volatile trade, macroeconomic and geopolitical environment. The precious metal has surged nearly 16% this year after a ferocious run in 2024 that was largely driven by massive central bank purchases, robust demand in Asia, and Federal Reserve monetary easing.
Spot gold was down 2.4% at $3,041.11 an ounce at 10:59 a.m. in New York, on track for its first weekly loss in five. Silver plunged 6.8% after falling 6% the prior session. Platinum and palladium were both lower.
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