Precious Metals Take a Hit

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

Trade Tariffs Shake the Market

President Trump proposed a baseline 10% import tariff across nations worldwide, with higher rates for countries maintaining trade surpluses with the US. This move has sent ripples through the market, affecting not just precious metals but global trade sentiments.

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. At 8:34 am ET, gold was trading at $3,070.83 per ounce, silver at $31.85 per ounce, platinum at $960.60 per ounce, and palladium at $942.06 per ounce, all showing significant drops from previous levels.