Precious Metals Take a Hit

In a surprising turn of events, precious metals experienced significant losses this Thursday. Gold prices dropped over 2%, while silver saw a more dramatic fall of 6%. This downturn comes in the wake of increased market uncertainty following President Donald Trump's latest trade announcement.

Trump's Trade Tariff Proposal

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 move has sent shockwaves through the global market, affecting not just precious metals but also various sectors.

Economic Indicators Add to the Pressure

Recent reports on the US trade balance, job cuts, and jobless claims have further fueled the market's decline. These indicators paint a picture of an economy under strain, contributing to the volatility in precious metal prices.

Price Updates

At 8:34 am ET, Gold was down 2.01% at $3,070.83 per ounce. Silver plummeted 6.01% to $31.85 per ounce. Shortly after, platinum and palladium also saw declines, dropping 1.63% and 1.91% respectively.