Precious Metals Market Reacts to Tariff Tensions

In a recent turn of events, the precious metals market has seen a significant downturn, with gold prices falling over 1%. This decline is largely attributed to the ongoing uncertainties surrounding US trade policies. President Donald Trump's temporary exemption of US automakers from the 25% tariffs on Canada and Mexico has done little to quell the market's unease.

Global Trade Tensions Escalate

Despite the temporary reprieve for automakers, the imposition of new tariffs by the US on Canada, Mexico, and China has led to a series of retaliatory measures from these countries. This escalation in trade tensions has further fueled the demand for safe-haven assets, albeit with a noticeable impact on their prices.

Market Impact

As of 5:14 am ET, gold was trading at $2,893.81 per ounce, marking a 1.01% decrease. Similarly, silver prices dropped by 1.20% to $32.31 per ounce. Platinum and palladium also experienced declines, with platinum falling 0.45% to $964.63 per ounce and palladium decreasing by 0.15% to $928.76 per ounce.