Gold Dips as Trade Tensions Escalate

In a significant shift, precious metal prices took a hit on Tuesday, with gold prices dropping over 1%. This decline is largely attributed to the fluctuating safe-haven demand amidst ongoing uncertainties surrounding US trade policies.

US Tariffs and Global Repercussions

President Donald Trump's recent decision to temporarily exempt US automakers from the 25% tariffs on Canada and Mexico has done little to quell the storm. New tariffs imposed by the US on Canada, Mexico, and China have sparked a series of retaliatory measures from these nations, further complicating the global trade landscape.

Market Reactions

At 5:14 am ET, gold was down by 1.01%, selling at $2,893.81 per ounce. Silver wasn't spared either, with a 1.20% decrease, trading at $32.31 per ounce. Platinum and palladium also saw declines, with platinum falling by 0.45% to $964.63 per ounce and palladium slipping by 0.15% to $928.76 per ounce.