Precious Metals Hit Hard by Trade Uncertainty

In a dramatic turn of events, precious metals experienced significant losses on Thursday. Gold prices dropped over 2%, while silver fell more than 6%, as markets reacted to President Donald Trump's latest trade announcement. The proposed 10% import tariff across nations, with higher rates for countries with trade surpluses with the US, has injected a new level of uncertainty into global markets.

Economic Indicators Worsen the Blow

Compounding the impact of Trump's tariffs, recent reports on the US trade balance, job cuts, and jobless claims have further dampened market sentiment. These developments have contributed to the ongoing decline in precious metals, highlighting the interconnectedness of global trade policies and market dynamics.

Price Movements at a Glance

At 8:34 am ET, Gold was down 2.01% to $3,070.83 per ounce. Silver saw a sharper decline, dropping 6.01% to $31.85 per ounce. Shortly after, Platinum and Palladium also fell, by 1.63% and 1.91% respectively, underscoring the broad-based sell-off in precious metals.