Precious Metals Face Significant Declines

In a surprising turn of events, precious metals have continued to lose ground this Thursday. Gold saw a drop of over 2%, while silver experienced a more dramatic fall of more than 6%. This market uncertainty follows President Donald Trump's latest trade announcement, which has sent ripples through the global markets.

Trump's Tariff Plan Shakes the Market

President Trump proposed a baseline 10% import tariff across nations worldwide, with even higher rates targeting countries that maintain trade surpluses with the US. This bold move has contributed to the heightened volatility in the precious metals market.

Additional Factors Influencing the Market

Recent reports on the US goods trade deficit, job cuts, and jobless claims have also played a role in the continued decline of precious metals. These factors combined have created a perfect storm, leading to significant losses across the board.

At 8:34 am ET, Gold fell 2.01% to $3,070.83 per ounce, while Silver dropped 6.01% to $31.85 per ounce. Shortly after, Platinum declined by 1.63% to $960.60 per ounce, and Palladium sank 1.91% to $942.06 per ounce.